The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate edged higher on Friday whilst traders await key Canadian labour market data. Sterling movement, meanwhile, is being dictated by foreign currency changes as a result of a distinct lack of influential data.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7870.
Yesterday…
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is holding within a narrow range as traders await the Bank of England (BoE) rate decision. This can be attributed to mixed results from British economic data. The Canadian Dollar, meanwhile, struggles to advance as oil prices weigh on commodity-driven assets.
The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.7828.
Mixed Data has Minimal Impact on Sterling (GBP) Movement
After British economic data produced varied results on Thursday, the Pound has been relatively static against the majority of its most traded currency rivals. Halifax House Price data beat expectations of 8.0% growth, with the actual result reaching 8.2%. Seasonally adjusted House Prices increased by 1% in November, eclipsing estimates of a 0.9% increase. New Car Registrations, however, showed a significant declination from 14.2% to 8.0%.
Given that most experts expect very little change to come from the BoE Monetary Policy Committee (MPC) meeting, the Pound is unlikely to endure significant volatility pre or post decision.
The Pound Sterling to Canadian Dollar exchange rate has fallen to a low today of 1.7788.
Canadian Dollar (CAD) Struggles against Oil Prices
Canadian Oil Sands Ltd. (COS) will chop its quarterly dividend by 42% to 20 cents a share after cash flow is squeezed by the low price of crude. Sprott Asset Management LP’s Eric Nuttall, stated; ‘The true sustainability of the dividend model at current oil prices in Canada is highly challenged, […] The current oil price does not work for the industry.’
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast to Fluctuate
Despite the fact that the BoE rate decision is unlikely to have a significant impact on Sterling movement, the European Central Bank (ECB) rate decision could possibly provoke volatility. Should the ECB opt to use unconventional stimulus measures to shore up the Eurozone economy, the lower valued Euro which would result could be good for British trade. Canadian inflation data could also provoke changes for the GBP/CAD exchange rate.
The Pound Sterling to Canadian Dollar exchange rate has climbed to a high today of 1.7839.
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,0.5611 ,
Canadian Dollar,,US Dollar,0.8799 ,
Canadian Dollar,,Euro,0.7144 ,
Canadian Dollar,,Australian Dollar,1.0508,
Canadian Dollar,,New Zealand Dollar,1.1357 ,
US Dollar,,Canadian Dollar,1.1364 ,
Pound Sterling,,Canadian Dollar,1.7816 ,
Euro,,Canadian Dollar,1.3994,
Australian Dollar,,Canadian Dollar,0.9514 ,
New Zealand Dollar,,Canadian Dollar,0.8804 ,
[/table]
