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GBP/CAD Exchange Rate Drops to 1-Week Low on Brexit Fears

Yesterday’s high: C$1.6532

Yesterday’s low: C$1.6417

Canadian Dollar Stable despite Crude Oil Fluctuation

Yesterday saw the Canadian Dollar rise to a one-week high against the Pound, which was mainly due to dwindling confidence in the UK economy. Canadian data primarily focused on crude oil prices, which have wobbled between $49.60 per barrel and $49 per barrel since August 2nd. Elsewhere, national consumer confidence has risen to its highest level in three years, which implies that last month’s Bank of Canada (BOC) interest rate hike has not fazed consumers.

CAD Outlook: Canadian Construction Stats could Further CAD GBP Rally

The Canadian Dollar may rise further against the Pound in the near-term, when today’s Canadian housing starts and building permit figures are released.

Showing the level of activity in new home construction, these could trigger a CAD rally if they indicate higher housing starts and more permits granted. At the time of writing, however, a -2% decline in permits was forecast; such a result could instead devalue the Canadian Dollar and facilitate a GBP/CAD rise.

Key Events

9th August

13:15 CA Housing Starts

13:30 CA Building Permits

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

Richard Beaumont


Currency Broker
T: +44(0)1442 892 060

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