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.
14:00 Canadian Existing Home Sales
13:30 Canadian Manufacturing Shipments
13:30 Canadian Consumer Price Index
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