Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Trends in Narrow Range before Manufacturing Stats
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was tending in the region of 1.8063 on Wednesday as markets wound down ahead of the New Year break.
On Friday the GBP/CAD pairing could experience fluctuations as a result of manufacturing reports for both the UK and Canada.
The UK’s manufacturing PMI is expected to have edged up from 53.5 to 53.6 in December. Meanwhile, the Royal Bank of Canada’s gauge of manufacturing is believed to have fallen from 55.3 to 53.8. If these estimations prove to be accurate, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate could rally before the weekend.
Earlier…
GBP/CAD Exchange Rate Steady after House Price Data
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate trimmed previous declines as the price of crude oil fell back once again and sliding Asian stocks reduced demand for higher-risk assets.
The political uncertainty in Greece also weighed on riskier currencies.
As the European session began on Tuesday the Pound was little changed against its main currency counterparts following the publication of UK house price data.
The report confirmed monthly house price growth of 0.2% and annual house price growth of 7.2%.
Separate data published by the Land Registry showed a month-on-month fall in property prices of 0.1% and an annual increase of 7.1%.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is currently trending in the region of 1.8065.
Earlier…
GBP/CAD Exchange Rate Sheds 0.25%
During the North American session, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate fell by over 0.2% as the price of crude oil edged up slightly in response to ongoing tensions in Libya.
In the view of industry expert Bob Yawger; ‘The Libyan situation will tighten things a bit. There’s still an awful large amount of surplus oil even with the loss of Libyan barrels. We’re still within striking distance of multi-year lows and it wouldn’t take much to get us to test them again.’
The GBP/CAD exchange rate prepared to close out the European session trading in the region of 1.8051.
Earlier…
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate spent Monday’s European session trending in the region of 1.8073, down slightly on the day’s opening levels.
GBP/CAD Exchange Rate Reacts to Growth Data
Although the Christmas festivities are behind us, a drought of economic reports has left market movement restrained in the run up to the New Year and the GBP/CAD exchange rate is accordingly trending in a narrow range.
Before Christmas the Canadian Dollar experienced volatility as a result of better-than-expected growth figures for both Canada and the US.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate fell to a low of 1.8065
The Canadian economy surprised economists by registering growth of 0.3% in October, considerably better than the 0.1% expansion anticipated and particularly surprising considering the drop in the price of crude oil – Canada’s main commodity.
Canadian Dollar gains were limited, however, as soft oil prices and the far superior rate of US expansion weighed on the ‘Loonie’.
Furthermore, in the view of economist Benjamin Reitzes; ‘2015 will likely be much more challenging [for Canada] as the drop in oil prices starts to bite.’
The Canadian Dollar continued trending in the region of a five-year low against the US Dollar but advanced on the Pound before markets closed for Christmas as the UK’s own growth data fell short.
Today’s Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast
A lack of economic data for either the UK or Canada is likely to keep the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate trending in a narrow range for the rest of the European session.
The Canadian Dollar to US Dollar (CAD/USD) exchange rate, meanwhile, could fluctuate following the publication of the US Dallas Fed Manufacturing Activity index.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate achieved a high of 1.8119
If the measure falls from 10.5 to 9.0 in December, as has been forecast by economists, the Canadian Dollar could advance on its US rival.
The only Canadian report to focus on this week is the nation’s Manufacturing PMI, scheduled to be published by the Royal Bank of Canada on Friday.
Last month the index held at the 11-month high of 55.3 recorded in October thanks to a surge in exports.
At the time RBC chief economist Craig Wright said of the figure; ‘New export orders recorded a strong jump in the month, pointing to continued support from a stronger US economy and a more competitive Canadian Dollar.’
If the index advances in December the Canadian Dollar could be boosted against peers like the Pound and US Dollar.
The week’s UK reports, including Mortgage Approvals and Manufacturing PMI, will also have an impact on GBP/CAD trading.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is trading in the region of 1.8068
The Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate is trading in the region of 0.5529
The US Dollar to Canadian Dollar (USD/CAD) exchange rate was trading in the region of 1.1627
The Canadian Dollar to US Dollar (CAD/USD) exchange rate is trading in the region of 0.8599
