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Will the Canadian Dollar Remain Robust?

Yesterday’s high: C$1.6048

Yesterday’s low: C$1.5982

Canadian Dollar Advances Despite Oil Price Drop

The Pound to Canadian Dollar exchange rate was one of the few major Pound pairs that dropped last week due to surprise at the Bank of Canada’s (BOC) September interest rate hike.

The Canadian Dollar remained strong on Monday despite Sterling’s continued recovery attempts and dropping prices of oil, Canada’s most lucrative commodity.

‘Loonie’ demand was supported further by Canada’s August housing starts, which beat expectations with a result of 223.2k.

CAD Outlook: UK Inflation and Bank of England to Drive GBP/CAD

The coming week’s Canadian economic calendar is relatively quiet, meaning the Pound to Canadian Dollar exchange rate is more likely to be driven by UK data in the coming days.

Britain’s August inflation results will come in on Tuesday and have the potential to send GBP/CAD surging if they impress. However, even if they do impress, a dovish BoE on Thursday could cause the pair to shed any gains.

Key Events

12th September

09:30 UK Inflation Rate

13th September

09:30 UK Employment Report

14th September

12:00 Bank of England Policy Decision

13:30 Canadian New Housing Price Index

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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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