Yesterday’s high: C$1.6532
Yesterday’s low: C$1.6460
Canadian Dollar Slips as Investor Shy Away From Riskier Markets
The Canadian Dollar was forced to cede ground yesterday morning as an escalating war of words between the US and North Korea during the Asian session caused a stark drop in global risk appetite.
However, the Canadian Dollar was able to recoup some of its losses in the afternoon as a substantial fall in US crude stocks led to oil prices pushing back towards the $50 a barrel marker.
Meanwhile, the Pound enjoyed some gains in Wednesday’s session as the rise in geopolitical tensions saw investors flock towards the relative safety of the UK market.
CAD Outlook: GBP/CAD to Tumble as UK Trade Deficit Widens?
The Pound may stumble in early trade this morning as the UK releases its latest trade figure, with economists forecasting that Britain’s trade deficit will have grown for the second consecutive month in June.
Another expected contraction in UK industrial production is also likely to spur further losses for Sterling today as month-on-month factory output is predicted to hold at -0.2%.
Meanwhile, Canada will release its latest New Housing Price Index later this afternoon, with the Canadian Dollar likely to strengthen if prices continue to trend higher.
09:30 UK Trade Balance June
09:30 UK Industrial Production June
13:30 CA New House Price Index June
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