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Will GBP/CAD Keep Recovering Losses?

Last week’s high: C$1.66

Last week’s low: C$1.63

Bank of Canada (BoC) Rate Hike Sends CAD soaring

After plummeting in the wake of the Bank of Canada’s (BoC) decision to raise interest rates, the GBP/CAD exchange rate was able to bounce back from a four-month low before the weekend as oil prices slipped and a Bank of England (BoE) official called for higher borrowing costs in the UK.

CAD Outlook: Neutral

Inflation figures from both the UK and Canada will be driving GBP/CAD movement in the week ahead. An increase in the UK consumer price index could put more pressure on the BoE to raise interest rates and bolster the Pound on Tuesday, but GBP/CAD gains may be limited if oil prices rise or Canadian data impresses.

Key Events

17th July

14:00 Canadian Existing Home Sales

19th July

13:30 Canadian Manufacturing Shipments

21st July

13:30 Canadian Consumer Price Index

If you need to make a CAD transfer but don’t have an account with us, click here to get started.

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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