Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast: Sterling has Uncertain Performance Today Following Data Scarcity, Commodity Prices Mixed for ‘Loonie’
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has made little progress in either direction today, with the Canadian Dollar (CAD) declining overall on detrimental domestic data.
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GBP/CAD Exchange Rate News: UK Car Registrations Fail to Provide Impetus for Sterling Rally Today
The Pound Sterling (GBP) has been trending in a tight range against the Canadian Dollar (GBP/CAD) today and has been having a similar faring against many of its other currency competitors. The Pound’s only real influencer today has been the annual New Car Registrations report for October, which have risen by 3.8%.
The Pound Sterling has risen by 0.8% against the Russian Ruble (GBP/RUB) but fallen by-0.5% against the Australian Dollar (GBP/AUD) and -1% against the Israeli New Shekel (GBP/ILS).
Canadian Dollar (CAD) Takes a Tumble after Unemployment Figures Disappoint Investors Today
The Canadian Dollar (CAD) has largely declined today, with its lack of movement against the Pound Sterling (CAD/GBP) being something of a highlight. Elsewhere, the ‘Loonie’ has flopped by -0.5% against the Australian Dollar (CAD/AUD) and -0.9% against the New Zealand Dollar (CAD/NZD). This data has added to disappointment earlier in the week for the Canadian currency, which declined on disheartening GDP figures.
The day’s Canadian Dollar movement has primarily been determined by the alternately rising and falling prices of crude oil and gold, as well as the rise to 7.1% for the November Unemployment Rate for the country.
Exchange Rate Forecast: BoE Announcements and Canadian Housing Figures to Generate GBP/CAD Movement Next Week
The coming week will bring economic publications affecting both the Pound Sterling (GBP) and the Canadian Dollar (CAD), but the Pound will hold a clear numerical superiority.
The Bank of England (BoE) will factor heavily into the scheduled economic events taking place in the UK, with Wednesday bringing the BoE’s Financial Policy Committee Record of the November meeting. This will be followed on Thursday by the considerably more impactful BoE Asset Purchase Target and Interest Rate Decision. Economists are generally unanimous in predicting no UK interest rate hike until next year at the earliest, but the minutes released after the decision could provide some clue as to just when the BoE Monetary Policy Committee (MPC) are thinking of making the all-important increase. The week will be rounded off for the UK with the BoE’s Inflation Target for the next 12 months.
Canada’s contributions will begin on Tuesday, with the release of the November Housing Starts and October Building Permits. Later on Thursday, the ‘Loonie’ will provide further input with the New Housing Price Index for October.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0216 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4952 today.