With crude oil prices dropping for the second consecutive day, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate strengthened fractionally.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7728.
As traders await the British housing data, due for publication later on Tuesday morning, the Pound is generally holding steady against its major peers. The Canadian Dollar, however, is softening ahead of retail sales data as a result of falling oil prices. Traders will be unlikely to invest too heavily in Canadian Dollars until the US growth figures have been published.
Yesterday…
Whilst many major central banks are having to increase stimulus measures, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate advanced by around 0.28%. This is due to positive sentiment towards the Bank of England as they have avoided increasing quantitative easing thus far. The Canadian Dollar, meanwhile, has been subject to foreign currency changes due to a lack of domestic data.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7636.
Pound Sterling Exchange Rate Advances on Third-Quarter Growth Speculation
Monday has seen the Pound strengthen against the majority of its most traded currency rivals amid speculation that Wednesday’s Gross Domestic Product data will indicate third-quarter growth. Although UK GDP is unexpected to change, according to the median market forecast, futures traders have amped up speculation that growth will increase.
Further Sterling gains can be attributed to improved sentiment towards the Bank of England. After the European Central Bank, the Bank of Japan and the People’s Bank of China have had to resort to extensive stimulus measures, traders have warmed to the BoE as one of the few major central banks to have avoided increasing stimulus.
The Pound Sterling to Canadian Dollar exchange rate has fallen to a low today of 1.7565.
Canadian Dollar (CAD) Movement Dictated by Foreign Currency Changes
A complete absence of Canadian data on Monday has seen the ‘Loonie’ (CAD) subject to foreign currency changes. As global oil prices continue to struggle, however, the Canadian Dollar has enough support to avoid a large declination.
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast to Fluctuate
With oil prices showing no sign of a speedy recovery, the Pound Sterling to Canadian Dollar exchange rate has the potential to soften. Aiding the potential ‘Loonie’ uptrend is futures traders speculating that the Bank of Canada will increase their benchmark rate in order to combat the recent rise in inflation.
The Pound Sterling to Canadian Dollar exchange rate has climbed to a high today of 1.7654.
Canadian Dollar (CAD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Canadian Dollar,
,Pound Sterling,0.5662 ,
Canadian Dollar,,US Dollar,0.8883 ,
Canadian Dollar,,Euro,0.7149 ,
Canadian Dollar,,Australian Dollar,1.0299,
Canadian Dollar,,New Zealand Dollar,1.1291 ,
US Dollar,,Canadian Dollar,1.1259 ,
Pound Sterling,,Canadian Dollar,1.7663 ,
Euro,,Canadian Dollar,1.3987,
Australian Dollar,,Canadian Dollar,0.9709 ,
New Zealand Dollar,,Canadian Dollar,0.8857 ,
[/table]
