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.
09:30 UK Inflation Rate
09:30 UK Employment Report
12:00 Bank of England Policy Decision
13:30 Canadian New Housing Price Index
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