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.
09:30 UK Public Sector Net Borrowing
11:00 UK Confederation of British Industry (CBI) Industrial Trends Orders
12:30 CA Wholesale Sales
09:30 UK Bank of England (BoE) Financial Policy Committee Meeting
UK Autumn Budget
12:30 CA Retail Sales
09:30 UK GDP Growth Rate
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