Last week’s high: C$1.6215
Last week’s low: C$1.5936
GBP and CAD Weakened by Recession and Bank of Canada (BoC) Speculation
Despite spending most of the week attempting to advance, the Pound to Canadian Dollar exchange rate closed out the session in a weaker position.
The Canadian Dollar struggled throughout the week as rising US-China trade war tensions and fears for a full-blown currency war lessened demand for higher-risk currencies.
The Pound was weakened by a combination of no-deal Brexit fears, speculation about a possible UK general election and data showing a contraction of the British economy in Q2.
The UK growth data left the Pound reeling, but GBP/CAD losses were tempered by below-forecast Canadian jobs figures.
Canadian unemployment unexpectedly improved from 5.5% to 5.7%.
CAD Outlook: Bank of Canada (BoC) Speculation Could Keep CAD Pressured
Although the Pound may struggle to recoup losses against the Canadian Dollar next week, a lack of Canadian data could cap CAD’s potential for gains.
The one notable Canadian release is Thursday’s ADP employment report.
While the Pound could find some relief from upbeat inflation or employment figures, the looming shadow of Brexit and the prospect of a general election will continue taking a toll.
09:30 UK Job Market Report
09:30 UK Inflation Rate
09:30 UK Retail Sales
13:30 Canadian ADP Employment Change
13:30 Canadian New Motor Vehicle Sales
13:30 Canadian Foreign Securities Purchases
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