Yesterday’s high: C$1.6725
Yesterday’s low: C$1.6640
Canadian Dollar Continues Climbing
Investors found the Canadian Dollar more appealing on Thursday as the currency was buoyed by recent strong oil price news and expectations that domestic monetary policy would continue to be tightened over the next year.
This meant CAD easily advanced against a Pound softened by concerns about the strength of UK Prime Minister Theresa May’s government.
Canada’s new housing price index report had little impact on GBP/CAD. The monthly figure came in at 0.2% as expected, while the yearly result remained at 3.8%.
CAD Outlook: Brexit Negotiations in Focus
The Pound to Canadian Dollar exchange rate is likely to be influenced by Brexit news, or a lack of Brexit news, towards the end of the week.
UK and EU negotiators are set for another round of talks in Brussels before the end of the week. Any indications that discussions are accelerating could boost UK-EU trade talk hopes and strengthen the Pound.
The Canadian Dollar could steady over the coming sessions, even if oil prices slip. The next most influential event for ‘Loonie’ traders will be next Friday’s October inflation report.
09:30 UK Balance of Trade
09:30 UK Manufacturing and Industrial Production
09:30 UK Construction Output
09:30 UK Inflation Rate
09:30 UK Job Market Report
13:30 Canadian New Motor Vehicle Sales
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