Yesterday’s high: C$1.6751
Yesterday’s low: C$1.6633
GBP/CAD Advance Down to Sliding Crude Prices
The Pound fell against the Canadian Dollar for most of Tuesday, only seeing a recovery late in the afternoon.
Initial losses stemmed from the morning’s UK inflation figures, which showed no change from 3% in October.
As the result supports the Bank of England (BoE) keeping interest rates on hold for longer, the Pound broadly weakened following the report’s release.
The saving grace in the afternoon was on Canada’s side, where falling crude oil prices saw the Canadian Dollar drop against the Pound.
CAD Outlook: Pound may Face Turbulence on Wage Data
There will be no let-up to GBP volatility today, with UK earnings figures due out shortly.
A decline in wage growth could trigger a Pound crash, as tighter conditions for consumers might mean lower retail activity during the traditional Christmas spending spree.
The week’s last major Canadian data, inflation figures for October, will come on Friday.
Estimates are for lower inflation on the year and the month, which might devalue the Canadian Dollar.
09:30 UK Claimant Count Change
09:30 UK Unemployment Rate
09:30 UK Average Earnings
09:30 UK Retail Sales
13:30 CA Inflation Rate
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