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.
13:15 CA Housing Starts
13:30 CA Building Permits
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