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GBP/CAD Bolstered by Upbeat UK Data

Last week’s high: C$1.6625

Last week’s low: C$1.6381

CAD Slides as Retail Sales, Inflation Slides

The GBP/USD exchange rate was able to push higher last week on the back of some upbeat economic data from the UK, with the Pound seeing particularly strong gains on Wednesday on the back of the latest employment figures.

Sterling also rebounded after a brief dip in the second half of the week when Friday’s GDP figures revealed a surprising increase in the UK’s fourth quarter growth.

Meanwhile the Canadian Dollar struggled last week as domestic retail sales growth in November came in well below target at 0.2% against the 0.6% forecast.

These losses were then compounded by Canada’s latest CPI figures which showed inflation dipped from 2.1% to 1.9% last month.

CAD Outlook: NAFTA Talks to Weigh on Canadian Dollar?

This week is set to be a relatively quiet week for trade in the Canadian Dollar with the latest domestic GDP figures really being the only data of note.

However, the Canadian currency could still see some movement as NAFTA talks continue, with any hints that the US is reluctant to remain part of the agreement likely to dent CAD.

In terms of the Pound, while the UK data calendar is fairly full this week the most impactful release is likely to be Britain’s latest Manufacturing PMI on Thursday, with a possible uptick in factory activity strengthening Sterling.

Key Events

30 January

09:30   UK Consumer Credit

09:30   UK Mortgage Approvals

31 January

00:01   UK Consumer Confidence

1 February

09:30   UK Manufacturing PMI

13:30   CA GDP

2 February

09:30   UK Construction PMI

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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 Dealer

01442 892 066

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