Canadian Dollar: GBP to CAD Exchange Rate Further Reverses Gains - Data in on Forecast

October 20, 2014 - Written by James Fuller

STORY LINK Canadian Dollar: GBP to CAD Exchange Rate Further Reverses Gains - Data in on Forecast

The British Pound to Canadian Dollar exchange rate (GBP/CAD) held onto earlier forex gains on Monday despite the release of surprisingly positive data out of the North American nation.

Trade in general was fairly muted as traders took a breather following last week’s hectic period of panic fuelled buying and selling.

With sentiment, improving on Monday most currencies regained some of the losses they suffered in the previous week, something that both the Pound Sterling and Canadian Dollar did.

Canadian Exchange Rates Today:

The Pound to Canadian Dollar exchange rate is +0.41 pct higher with a conversion of 1 GBP equals 1.82409 CAD.
The Euro to Canadian Dollar exchange rate today is converting +0.37 per cent higher at 1.44453 EUR/CAD.
The US Dollar to Canadian Dollar exchange rate converts -0.05 per cent lower at 1 USD is 1.12845 CAD.
The Aus Dollar to Canadian Dollar exchange rate today is converting +0.33 per cent higher at 0.99175 AUD/CAD.
The NZ to Can Dollar converts +0.46 per cent higher at 1 NZD is 0.89915 CAD.

Don't forget if you are waiting to find the most competitive exchange rates for a currency transfer, then you're best bet is to set up your future rate order with a foreign exchange broker. Speak to John Cameron for further info.

British Pound Sees Suppot From UK Housing Data

Sterling was supported over the weekend by the release of domestic data, which showed that house prices continued to rise strongly in October 2014 and that consumer confidence improved.

Consumer confidence data released by the accountancy firm Deloitte showed that UK citizens were feeling more positive about the state of their finances and wider national economy.

The data showed that the number of people saying that they were positive about the coming month increased to its highest reading in three years.

“An improving jobs market and lower inflation has been a real tonic for UK consumers. With inflation on a declining path and earnings heading up, the scene is set for a recovery in real incomes around the turn of the year,” said Ian Stewart, chief economist at Deloitte.

The Deloitte data contrasts with that of Lloyds Bank whose consumer confidence index fell by six points but remains high.

A separate report released by Rightmove showed that house prices across the UK increased sharply in October, lessening concerns that the property market is slowing. The report showed that the South East of England saw a large rise in property prices.

The data releases were enough to support the Pound (GBP) throughout Monday’s muted trading session and allowed the currency to hold onto gains against the Canadian Dollar (CAD) despite positive domestic data from the North American nation.

The Canadian Dollar (CAD) made gains against several major peers including the US Dollar after a report showed that Canadian Wholesale sales increased unexpectedly in August as demand for machinery and wood and metal goods increased.

According to Statistics Canada, sales increased by 0.2% to C$53.1 billion, better than economist forecasts for a figure of a 0.3% decline,

“The increased sales volumes, as well as the inventory build, should be supportive of August GDP and offset some of the drag from factories in the month,” Krishen Rangasamy, senior economist with National Bank Financial, said in a note to clients.

Attention will now turn to Wednesday’s Bank of England Policy meeting minutes release and the latest Canadian Retail Sales and Interest rate decision.

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