Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Trending in a Tight Range as Crude Oil Price Stages a Recovery
The Pound Sterling (GBP) has made marginal gains against the Canadian Dollar (GBP/CAD) today, mostly due to the ‘Loonie (CAD) being bolstered by the rising price of crude oil per barrel. The Pound has also been pushed down in the pairing by worse-than-expected Retail Sales in November.
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UK Production Figures due Imminently ahead of Canadian Housing Results
The next data to affect the pairing will be out shortly in the form of the mixed forecast UK Industrial and Manufacturing Production results for October.
This afternoon, Canadian Housing Starts and Building Permit figures are out for November and October respectively; forecasts are currently optimistic in both instances of Canadian data.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has risen healthily today and greater gains have been seen elsewhere for Sterling. The Canadian Dollar (CAD), by contrast, has largely slumped on historically low oil prices and a strong US Dollar (USD).
GBP/CAD Exchange Rate News: Lack of UK Economic Publications Fails to Prevent Sterling Uptrend Today
The Pound Sterling (GBP) has been making healthy gains across the board today, although recently the Pound has dropped off in a number of pairings. Among the rates still going strong, the Pound has advanced by 0.7% against the Canadian Dollar (GBP/CAD), 0.9% against the Russian Ruble (GBP/RUB), 1.2% against the Mexican Peso (GBP/MXN) and over 1.3% against the New Zealand Dollar (GBP/NZD), the South African Rand (GBP/ZAR) and the Norwegian Krone (GBP/NOK).
The Pound’s main appeal to investors today has been the conclusion by some economists that the Bank of England (BoE) will be raising the UK interest rate a month earlier than anticipated, although the actual month for this decision has yet to be decided upon by these individuals.
Canadian Dollar (CAD) Crashes Today along with the Price of Crude Oil
The Canadian Dollar (CAD) has been faring poorly across the course of the day, with a number of factors conspiring to devalue the ‘Loonie’ compared to its other rivals. The price of crude oil has crashed through the floor at around $38.63 per barrel, which has in turn pushed the US Dollar (USD) up strongly against the Canadian Dollar and others. Adding insult to injury, Canada has not had any economic releases to speak of.
The Canadian Dollar has fallen by -0.6% against the Euro (CAD/EUR), -0.7% against the Pound Sterling (CAD/GBP) and -0.9% against the US Dollar (CAD/USD) today, but has otherwise risen by 0.5% against the New Zealand Dollar (CAD/NZD).
GBP/CAD Exchange Rate Forecast: UK Production Results and Canadian Housing Stats due Out in Near-Future
The next UK economic releases likely to affect the Pound Sterling (GBP) will be tomorrow morning’s annual Industrial and Manufacturing Production figures for October. At the time of writing, forecasts were decidedly mixed, with a rise from 1.1% to 1.2% on the cards for the former field but a scarcely noticeable ‘improvement’ from -0.6% to 0% for the latter of the two statistics. Also out early tomorrow will be the BRC Like-for-Like Sales results on the year in November, which are currently expected to rise from -0.2% to 0.5%.
Canada’s exchange rate input will come later on in the afternoon, when the November Housing Starts and October Building Permits results are released. As of writing, a pair of positive outcomes are predicted by 200k and 3.2%, respectively.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 2.0369 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.4914 today.