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.
RBC Canadian Manufacturing PMI
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