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Slipping Oil Prices Help Pound Advance vs. Canadian Dollar

Yesterday’s high: C$1.7000

Yesterday’s low: C$1.6921

GBP/CAD Edges Higher

The Pound advanced slightly against the Canadian Dollar on Monday as the Canadian Dollar was unable to hold its ground amid recent underwhelming Canadian data and slipping commodity prices.

While Sterling’s strength was limited and largely revolved around anticipation for potential Brexit developments in the coming weeks, the Canadian Dollar was unable to hold its ground.

Last week’s Canadian retail sales stats worsened Canada’s late-2017 growth outlook, and prices of oil slipped from two-year highs on Monday.

CAD Outlook: Bank of Canada Press Conference Ahead

Tuesday will see the Bank of Canada (BOC) hold a press conference, and the Canadian Dollar could experience volatility if the bank hints at its plans for monetary policy in 2018.

If the bank indicates that it’s concerned about Canada’s growth outlook, the Canadian Dollar could see weaker trade in the coming days, making it easier for GBP/CAD to continue rising.

However, the Pound could be weighed on by Brexit speculation which could limit potential GBP/CAD gains. If UK or EU negotiators indicate that no agreement will be reached on the Northern Ireland border any time soon, for example, UK-EU trade hopes will drop.

Key Events

28th November

07:00 UK Nationwide Housing Prices

13:30 Canadian PPI

16:30 Bank of Canada Press Conference

1st December

09:30 UK Manufacturing PMI

13:30 Canadian Growth Rate

13:30 Canadian Job Market Report

14:30 Canadian Manufacturing PMI

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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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