Last week’s high: C$1.7402
Last week’s low: C$1.7226
Canadian Dollar Buoyed by Soaring Oil Prices
The Pound Canadian Dollar exchange rate experienced volatility this week amid a jump in oil prices which saw Brent crude break past $80 a barrel, lending support to the ‘Loonie’.
Also driving movement in the pairing this week was the publication of the UK’s latest labour figures, with an end to a year-long pay squeeze granting some brief gains for the Pound before Brexit uncertainty undermined the currency in the second half of the week.
Meanwhile, a surprise contraction in Canada’s core retail sales growth in March saw CAD fall back on Friday despite some robust inflation figures.
CAD Outlook: Will Uptick in UK Inflation Boost Sterling?
Looking ahead to this week’s session the main source of movement in the GBP/CAD exchange rate is likely to be the publication of the UK’s latest CPI figures.
This could prompt an uptick in the Pound if an acceleration in inflation bolsters the odds of a rate hike from the Bank of England (BoE) by the end of 2018.
Meanwhile, it’s set to be a quiet session in terms of Canadian economic data this week, which may see momentum in the Canadian Dollar to continue to be driven by oil prices.
09:30 UK Public Sector Borrowing (Apr)
11:00 UK CBI Industrial Orders (May)
13:30 CA Wholesale Sales (Mar)
09:30 UK Inflation Rate (Apr)
11:00 UK CBI Distributive Trades (May)
09:30 UK Retail Sales (Apr)
09:30 UK GDP 2nd Estimate (Q1)
If you need to make a CAD transfer but don’t have an account with us, click here to get started.
T: 01442 892 066