Last week’s high: C$1.6715
Last week’s low: C$1.6339
Canadian Dollar Surges on Jobs Data
The Canadian Dollar strengthened against the majority of its peers on Friday as the domestic unemployment rate fell from 6.5% to 6.3% in July, its lowest levels since 2008.
CAD recorded sizable gains against peers like the Pound despite Canada’s Business PMI proving to be a little gloomier, as it slid from 61.6 to 60.0 last month.
Meanwhile, the Pound was further undermined by Friday’s New Car Sales data which reported another decline in sales last month, adding to the currency’s woes following the dovish Bank of England (BoE) policy meeting on Thursday.
CAD Outlook: GBP/CAD to Retreat Further on UK Trade Figures?
The Pound may mount a small recovery at the start of next week should the UK’s housing data on Monday report a rise in house prices last month.
However most of the Sterling movement in this week’s session is likely to be dictated by Britain’s latest trade balance, with GBP/CAD likely to tumble if the UK’s trade deficit widens as expected.
Meanwhile the most notable Canadian data this week is the New Housing Price Index on Thursday.
08:30 UK Halifax House Price Index July
09:30 UK Trade Balance June
13:30 CA New House Price Index June
If you need to make a CAD transfer but don’t have an account with us, click here to get started.
T: +44(0)1442 892 060