The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has advanced by around 0.27% on Monday. This is as a result of a complete absence of Canadian data and a positive result from British economic data.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.8116.
Over the past few weeks the Pound has been generally slipping down the board after a succession of disappointing domestic data results. Compounding the Sterling downfall was the publication of dovish minutes from the Bank of England’s most recent policy meeting. Sentiment towards the BoE has taken a dive after they tempted traders with news of the possibility of a rate hike, only to delay proceedings without offering a clear time frame as to when monetary policy normalisation will occur.
Meanwhile, a lack of domestic data and a softening US Dollar has seen the ‘Loonie’ (CAD) lose momentum against its major peers. Adding to the Canadian Dollar downfall has been mounting tensions regarding the Ebola virus. With more western cases coming to attention via the media, fears over a global epidemic have stymied risk-correlated currencies.
The Pound Sterling to Canadian Dollar exchange rate has fallen to a low today of 1.8053.
On Monday, the Pound advanced against many of its major peers after domestic data printed above expectations. Reported Sales were forecast to drop from 31 to 25, but the actual result mirrored the previous figure of 31.
Rain Newton-Smith, CBI Director of Economics, said; ‘Sales on our high streets are still ticking along and, with similar prospects next month, retail growth is looking more stable. The clothing sector in particular appears to be bouncing back after the mild weather in September deterred people from buying their winter warmers. The recent fall in inflation may help lift the spirits of households by making their budgets stretch further. But risks remain to the UK recovery more generally, with the Eurozone stalling, conflict in the Middle East and tensions over Ukraine. This could have an impact on consumer confidence and spending going forward.’
A lack of Canadian data on Monday has seen the ‘Loonie’ decline against the majority of its most traded currency competitors. Part of the Canadian Dollar declination is a result of disappointing data from its Southern cousin.
Pound to Canadian Dollar Exchange Rate Forecast to Strengthen
With sentiment towards the Pound improving and a distinct lack of Canadian data on the horizon, the GBP/CAD exchange rate is likely to strengthen in the short term. Those invested in the Canadian Dollar will be looking towards Tuesday’s US data in the hope of some upward momentum.
The Pound Sterling to Canadian Dollar exchange rate has reached a high today of 1.8135.
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,0.5520 ,
Canadian Dollar,,US Dollar,0.8906 ,
Canadian Dollar,,Euro,0.7007 ,
Canadian Dollar,,Australian Dollar,1.0112,
Canadian Dollar,,New Zealand Dollar,1.1296 ,
US Dollar,,Canadian Dollar,1.1228 ,
Pound Sterling,,Canadian Dollar,1.8119 ,
Euro,,Canadian Dollar,1.4274 ,
Australian Dollar,,Canadian Dollar,0.9888 ,
New Zealand Dollar,,Canadian Dollar,0.8853 ,
[/table]
