Best Exchange Rates: Pound to Canadian Dollar at 3 Wk High, CAD Gains against USD

December 1, 2014 - Written by Toni Johnson

STORY LINK Best Exchange Rates: Pound to Canadian Dollar at 3 Wk High, CAD Gains against USD

The Pound was trading close to its highest level in three weeks against the Canadian Dollar as data showed that manufacturing activity in the UK improved unexpectedly in November. Against the US Dollar, however the ‘Loonie’ managed to advance.

After last week’s decision by OPEC that its members will not taper its oil production the price of the commodity tumbled. Oil prices fell to their lowest levels in five years. Concerns over the strength of the global economy were not helped by disappointing manufacturing data out of China and the Eurozone.

The Pound to Canadian Dollar exchange rate converts -0.38 per cent lower at 1 GBP is 1.78127 CAD.
The Euro to Canadian Dollar exchange rate today is converting -0.86 per cent lower at 1.41214 EUR/CAD.
The US Dollar to Canadian Dollar conversion rate is -1.15 pct lower at 1.13214 USD/CAD.
The Swiss Franc to Canadian Dollar exchange rate is -0.81 pct lower with a conversion rate of 1 CHF equals 1.17382 CAD.

British Pound Exchange Rates Today

Pound Sterling advanced against most of its major peers after UK economic data showed that the nation’s manufacturing sector grew more than forecast in November. According to Markit, its Purchasing Managers Index (PMI) increased to a four-month high of 53.5, beating the expected figure of 53.3.

‘UK manufacturing is resisting the weakness in the Eurozone on the back of strong domestic momentum this side of the Channel. New export orders fell again, especially from the EU, Russia and emerging markets, but domestic spending kept the show on the road,’ said Rob Wood from Berenberg.

CAD to USD Exchange Rate Firms

As the session progressed the Canadian currency slowed its declines against the Pound and managed to firm against the US Dollar and other peers as oil prices stabilised and regained from some of its previously lost value.

The Canadian Dollar then received support from data released by RBC which showed that the pace of growth in the Canadian manufacturing sector held steady last month to match the 11-month high recorded in October. The RBC Canadian Manufacturing PMI increased to a seasonally adjusted level of 55.3 in November. In a PMI any figure above 50 indicates growth whilst a number below indicates contraction.

The report also showed that Canadian exports jumped to their highest level in more than a year as demand from the USA increased.

‘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,’ said Craig Wright, chief economist at RBC.

Canadian Dollar to Euro Exchange Rate Outlook

The Canadian Dollar managed to advance against the Euro after data out of the single currency bloc showed that manufacturing activity declined more than forecast. The report showed that manufacturing activity contracted in Germany, France and Italy, the Eurozone’s top three economies.

The ‘Loonie’ is forecast to experience relatively muted trading against the Pound on Tuesday due to a lack of market moving UK or Canadian data. Any movement will be because of oil price fluctuations and data out of the USA.

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