In the aftermath of disappointing British housing data, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has softened by around -0.16%. The Canadian Dollar has been subject to foreign currency movement as traders await data due for publication later on Thursday. Issues regarding falling crude prices have seen the ‘Loonie’ (CAD) generally softer against many of its major peers.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7826.
UK Housing Data Hurts Sterling (GBP)
On Thursday Pound Sterling softened against nearly all of its major peers as a result of disappointing data. The solitary British data publication, RICS House Price Balance, was forecast to drop from 30% to 25%, but the actual result fell to 20%.
‘RICS said prices in parts of London were still firm, and that some of the fall was due to worries about increased taxation of luxury properties in the run-up to a national election due in May 2015. The RICS figures fit with broader data showing a slowdown in Britain’s housing market, in which house prices were rising at an annual rate of more than 10 percent earlier this year, and by more than 20 percent in London,’ stated David Milliken, writing for Reuters.
The Pound Sterling to Canadian Dollar exchange rate has dropped to a low today of 1.7817.
Canadian Dollar (CAD) Buffered by Foreign Currency Movement
As traders await Thursday afternoon’s Canadian economic data, the ‘Loonie’ has been subject to modest foreign currency movement. A slight depreciation can be attributed to low global oil prices and a softening US Dollar.
Pound to Canadian Dollar (GBP/CAD) Exchange Rate Forecast to Soften
If the Canadian data meets with the forecast figures, the GBP/CAD exchange rate should extend losses. The yearly Canadian New Housing Price Index is forecast to increase from 1.5% to 1.7%.
The Pound Sterling to Canadian Dollar exchange rate has advanced to a high today of 1.7867.
UPDATE
GBP/CAD Exchange Rate Softens despite Poor Canadian Data
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7820 having softened by around -0.18%.
The Pound has struggled over the course of Thursday after the disappointing housing data. This is as a result of a lack of domestic data to curb the trend.
Canadian economic data has also printed disappointingly on Thursday, although the ‘Loonie’ (CAD) is managing to continue trending lower against the Pound. The yearly New Housing Price Index was forecast to increase from 1.5% to 1.7%, but the actual data only managed to reach 1.6%. In addition, the monthly New Housing Price Index was forecast to decline from 0.3% to 0.2%, but the actual result dropped to 0.1%.
GBP/CAD Recovers on Oil Price Drop
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7846.
A mixture of disappointing data and falling global crude prices has seen the Canadian Dollar soften against many of its major peers. The Pound Sterling to Canadian Dollar exchange rate is currently trending close to market opening levels.
‘Oil sank into a bear market last month as leading OPEC members resisted calls to cut production and instead reduced export prices to the U.S., where output has climbed to the highest level in more than three decades. Venezuela, Libya and Ecuador have asked for action to prevent crude from falling further. The group is scheduled to meet Nov. 27 in Vienna,’ stated Moming Zhou, writing for Bloomberg.
GBP/CAD Exchange Rate Dips ahead of UK Data
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7840.
Whilst traders wait for British data to determine Sterling movement, the Pound has generally softened against its most traded currency rivals. British Construction Output may not hold much weight to influence wider market movement, but as the solitary British data publication on Friday it will have a marked influence on Sterling movement. The data is forecast to advance and, if met, will cause the Pound to recover some of its losses.
With a single data publication not due until Friday afternoon, the Canadian Dollar is likely to be subject to foreign currency changes. Canadian Manufacturing Shipments is forecast to increase from -3.3% to 1.0%.
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,0.5608 ,
Canadian Dollar,,US Dollar,0.8842 ,
Canadian Dollar,,Euro,0.7093 ,
Canadian Dollar,,Australian Dollar,1.0109,
Canadian Dollar,,New Zealand Dollar,1.1176 ,
US Dollar,,Canadian Dollar,1.1310 ,
Pound Sterling,,Canadian Dollar,1.7831 ,
Euro,,Canadian Dollar,1.4097 ,
Australian Dollar,,Canadian Dollar,0.9892 ,
New Zealand Dollar,,Canadian Dollar,0.8947 ,
[/table]
