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GBP/CAD Steadies as Global Trade Tensions Weigh on ‘Loonie’

Last week’s high: $1.7513

Last week’s low: $1.7350

 

Canadian Dollar Reacts to Global Trade Fears and Oil price

The Pound Canadian Dollar (GBP/CAD) fluctuated last week as Brexit took a number of important turns, and, on Wednesday, was granted a six-month delay by the EU.

The first part of the sessions saw the Canadian Dollar take a hit from poor Canadian housing starts figures for March, while building permits also fell by a disappointing -5.7%.

‘Loonie’ investors awaited US-China trade talk developments, which turned out to be inconclusive by the end of the week.

CAD finished the week on the back foot, with broad weakness apparent despite an uptick in risk sentiment and higher oil prices.

 

CAD Outlook: Political Developments and BoC in the Frame for Traders

Canadian Dollar investors will be looking ahead to this afternoon’s Bank of Canada Business Outlook Survey.

Following these are the Canadian CPI figures, with any improvement here likely to buoy the CAD/GBP exchange rate.

GBP/CAD will once again likely be influenced by Brexit developments this week, and any signs of a cross-party – or Parliamentary – consensus could improve hopes of May securing the majority necessary for passing her withdrawal agreement.

 

Key Events

15th April

15:30 Bank of Canada Business Outlook Survey

17:00 Bank of England’s Haskel speech

16th April

09:30 UK Average Earnings Including Bonus (Feb)

09:30 UK ILO Unemployment Rate (Feb)

09:30 UK Average Earnings Excluding Bonus (Feb)

17th April

09:30 UK Retail Price Index (Mar)

09:30 UK Consumer Price Index (MoM) (Mar)

13:30 Canada Bank of Canada Consumer Price Index (MoM)  (Mar)

13:30 Canada Consumer Price Index (MoM) (Mar)

18th April

09:30 UK Retail Sales (MoM) (Mar)

13:30 Canada Retail Sales (MoM) (Feb)

19th April

Good Friday

 

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To keep up to date with the Canadian Dollar, visit the CAD blog in our Currency News section.

 

Alastair Archbold

Foreign Exchange Manager

aja@fcgworld.co.uk

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