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How Could UK Political Developments Boost GBP/CAD?

Yesterday’s high: C$1.6527

Yesterday’s low: C$1.6392

Pound Recovers against Canadian Dollar on UK Political Speculation

Mutterings that UK Prime Minister Theresa May could be preparing to reshuffle her cabinet left the Pound more appealing yesterday.

May is speculated to be using the reshuffle to reassert power following criticism of her leadership from within the party after a messy Conservative Party Conference last week.

While last Friday’s Canadian unemployment data was better-than-expected, the ‘Loonie’ was unable to hold its ground against a recovering Pound on Monday.

CAD Outlook: UK Political News Will Continue to Drive GBP/CAD

Canada’s economic calendar is relatively quiet in the coming days aside from some housing data due this afternoon and Thursday. The ‘Loonie’ could be influenced slightly by this data and moved further by oil price news.

As a result, the Pound is more likely to cause GBP/CAD movement this week, especially if there are any fresh UK political developments.

If UK Prime Minister Theresa May indicates the cabinet could be reshuffled, hopes for softer Brexit could rise, potentially boosting the Pound. Any signs of a leadership challenge would make the Pound unappealing however.

Key Events

10th October

09:30 UK Balance of Trade

09:30 UK Manufacturing and Industrial Production

13:15 Canadian Housing Starts

13:30 Canadian Building Permits

12th October

13:30 Canadian New Housing Price Index

14:00 UK BoE Haldane Speech

20:15 Canadian BOC Wilkins Speech

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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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