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GBP/CAD Fluctuates on Brexit, US Tariff Concerns

Last week’s high: C$1.7794

Last week’s low: C$1.76246

Brexit Concerns Undermine Sterling’s Advance

While the Pound was ultimately able to advance against the Canadian Dollar last week, it suffered some setbacks along the way due to rising Brexit uncertainty.

This was mainly prompted by Theresa May’s rejection of the EU’s draft Brexit agreement, with markets fearing that it could lead to a possible breakdown in talks.

However, Canada’s position as the largest exporter of steel to the US led the Canadian Dollar to experience some sharp losses at the end of the week as Trump announced plans to implement heavy tariffs on all steel and aluminium imports in the US.

CAD Outlook: Canadian Dollar in Focus as all Eyes on BoC

A calendar filled with data releases means it will likely be a busy session for the Canadian Dollar this week, the most important of which is likely to be the Bank of Canada’s (BoC) latest rate decision.

While the bank is not expected to make any changes to its monetary policy this week, with analysts suggesting it is targeting at least one more rate hike this year, markets will be hoping for any signs that may support this.

Meanwhile the UK will publish its latest Services PMI at the start of the week, with the Pound likely to rise if February’s data shows a strong upswing in growth, in the UK’s largest wealth generating sector.

Key Events

5th March

09:30 UK Services PMI Feb

6th March

15:00 CA Ivey PMI Feb

7th March

13:30 CA Trade Balance Jan

15:00 CA BoC Rate Decision

9th March

09:30 UK Trade Balance Jan

09:30 UK Industrial Production Jan

13:30 CA Unemployment Rate Feb


Alastair Archbold

Currency Trader

Tel: 01442 892 066


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