Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Trending within Narrow Range on Quiet Market
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is trending within a narrow range on Tuesday morning. This is despite falling oil prices having the potential to drag the Canadian Dollar lower.
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The Pound Sterling to Canadian Dollar exchange rate is currently trending in the region of 1.8044.
Pound Sterling (GBP) Exchange Rate Static on Quiet Trading
With markets quiet in the lead up to end-of-year celebrations, the Pound has seen little movement versus the majority of its most traded rivals. Compounding the lack of movement was British economic data which met with expectations.
On a yearly basis, Nationwide House Prices met with the median market forecast of a drop from 8.5% to 7.2%. Monthly Nationwide House Prices also met with the market consensus of a fractional declination from 0.3% to 0.2%.
The Pound Sterling to Canadian Dollar exchange rate has dropped to a low today of 1.8036.
Canadian Dollar (CAD) Exchange Rate Unaffected by Oil Price Decline
Ordinarily, the large declination in global oil prices would have had a significant impact on the Canadian Dollar. However, with the market quiet during the holiday period there has been little by way of noteworthy movement.
‘Nowhere are signs of a rising crude glut more visible right now than in the US,’ David Wech, an analyst at consultants JBC Energy GmbH, said in a report. Global refinery runs will fall in the first quarter, ‘further highlighting the looming weakness in the global oil balance.’
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast to Hold Steady
With nothing in terms of domestic data to curb the trend, the Pound Sterling to Canadian Dollar exchange rate is likely to continue trending within a tight range.
The Pound Sterling to Canadian Dollar exchange rate has reached a high today of 1.8075.