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GBP/CAD Advances as UK Inflation Holds Steady

Last week’s high: C$1.7309

Last week’s low: C$1.7557

Sterling Bolstered by UK Inflation Figures

The Pound advanced against the Canadian Dollar last week as the UK published its latest Consumer Price Index (CPI).

Sterling sentiment rose as inflation was shown to have held at 3% in January, with markets speculating that this would increase the pressure on the Bank of England (BoE) to hike rates in May.

However, GBP suffered some setbacks in the second half of the week as the UK’s latest retail sales came in below expectations.

It was a quiet session for Canadian data releases last week, leading movement in CAD to be driven by a drop in the US Dollar and an uptick in oil prices

CAD Outlook: Pound to Rise on UK Employment Figures?

This week may see the GBP/CAD exchange rate push higher again as the UK publishes its latest employment figures.

While unemployment is expected to remain unchanged, markets will likely be watching the accompanying wage figures closely to see if they rose again in December.

However the Canadian Dollar is not expected to go down easily, with an expected uptick in retail sales and robust inflation report likely to bolster CAD in the second half of the week.

Key Events

20th February

11:00 UK CBI Industrial Trends Feb

13:30 CA Wholesale Sales Dec


22nd February

09:30 UK CBI GDP Q4

11:00 UK CBI Distributive Trends Feb

13:30 CA Retail Sales Dec


23rd February

13:30 CA Inflation Jan


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


Alastair Archbold

Currency Trader

Tel: 01442 892 066

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