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GBP/CAD Dips as Canadian Inflation Rises

Last week’s high: C$1.7776

Last week’s low: C$1.7557

Canadian Dollar Gains as Inflation Data Boosts Forecasts

As the week drew to a close the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate fell in reaction to an unexpectedly strong inflation data from Canada.

Inflation jumped by 0.7% on the month (rather than the 0.5% expected) and 1.7% on the year – beating the projected 1.5%.

The data helped the ‘Loonie’ rally before the weekend.

CAD Outlook: Manufacturing Data Ahead

Both the UK and Canada are set to publish manufacturing figures next week, and as the PMI reports are two of the larger data releases to watch out for, they’re likely to be one of the main drivers of the GBP/CAD exchange rate.

An uptick in manufacturing output for either nation would support their respective currencies.

Canada’s growth figures will also be of interest. If national output increases, the Canadian Dollar could climb at the end of the week.

Key Events

1st March

RBC Canadian Manufacturing PMI

2nd March

Canadian GDP

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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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