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GBP/CAD Gains despite Weak House Price Growth

Yesterday’s high: C$1.6561

Yesterday’s low: C$1.6478

CAD Weakens as Libyan Oil Production Recovers

News that UK house price growth had faltered to a four-year low undermined confidence in the Pound, although weakness in the Canadian Dollar allowed GBP/CAD to rise. There was no Canadian data released yesterday, but the Canadian Dollar was softened by falling crude oil prices. Production at Libya’s largest oil field was recovering to full capacity after being halted by armed protestors at the weekend, suggesting further contributions to the global oversupply.

CAD Outlook: Will UK Retail Sales Figures Dent GBP/CAD?

This morning’s release of UK retail sales figures may have changed the outlook on the UK economy, especially considering how recent GDP figures showed the importance of service sector growth for the UK’s wider economic wellbeing.

Canada’s housing starts figure for July will show the health, or otherwise, of the construction industry. A solid figure here will boost confidence in the economic outlook.

Key Events

8th August

00:01 GBP BRC Sales Like-For-Like (YoY) (JUL)

13:15 CAD Housing Starts (JUL)

 

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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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