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GBP/CAD Near Best Levels since Beginning of November

Yesterday’s high: C$1.6847

Yesterday’s low: C$1.6786

Canadian Dollar Remains Weak Amid Risk-Off Movement

Falling oil prices and a lack of market appetite for risk have left the Canadian Dollar weak since Monday. This has helped the Pound to Canadian Dollar exchange rate to advance despite mixed UK data in recent sessions.

Sterling was also bolstered by Thursday’s UK data, which indicated that the UK retail sector was seeing stronger consumer activity than expected.

CAD Outlook: Key Canadian Inflation Report Ahead

Friday will see the publication of this week’s most influential Canadian dataset, which could inspire a shift in Canadian Dollar movement before markets close for the week.

Canada’s October inflation rate is forecast to have slowed in both monthly and yearly prints. However, if the inflation data beats expectations it could bolster hopes that the Bank of Canada (BOC) could resume its new rate hike cycle within the coming months.

As for the Pound, it could continue to edge higher in the coming sessions if investors are optimistic about next week’s Autumn Budget from UK Chancellor Philip Hammond.

Key Events

17th November

13:30 Canadian Inflation Rate

21st November

09:30 UK Public Sector Net Borrowing

13:30 Canadian Wholesale Sales

22nd November

UK Autumn Budget

23rd November

09:30 UK Growth Rate

13:30 Canadian Retail Sales

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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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