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Will GBP/CAD Rate Drop on UK borrowing Data?

Yesterday’s high: C$1.6957

Yesterday’s low: C$1.6868

Pound Rallied on Signs of Brexit Breakthrough

Yesterday saw the Pound rise by 0.6% against the Canadian Dollar, although this was mainly due to speculation about Brexit.

The assumption was that the government would do as suggested by Philip Hammond and offer to pay more for the UK-EU ‘exit bill’.

If an increased offer is accepted, it would help propel UK post-Brexit trade negotiations forward.

There wasn’t much Canadian data to refer to, with traders steering clear of the Canadian Dollar in a risk-off environment.

CAD Outlook: Pound could Crash if Public Borrowing Causes Concerns

The Pound could drop following the release of tomorrow’s public borrowing data if the report is seen to pile more pressure on Chancellor Philip Hammond ahead of Wednesday’s budget announcement.

If Hammond’s plans go down like a lead balloon, the GBP/CAD exchange rate could slide.

Canada’s wholesale sales figures for September may also have an impact on the pairing.

A slight slowdown in sales has been predicted, but if the Pound is destabilised by budget worries then the Canadian Dollar could still appreciate against the British currency.

Key Events

21st November

09:30 UK Public Sector Net Borrowing

11:00 UK Confederation of British Industry (CBI) Industrial Trends Orders

12:30 CA Wholesale Sales

22nd November

09:30 UK Bank of England (BoE) Financial Policy Committee Meeting

UK Autumn Budget

23rd November

12:30 CA Retail Sales

09:30 UK GDP Growth Rate

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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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