Pound & US Dollar to Canadian Dollar Exchange Rates Softer Before Canadian Sales & CPI Data

Modified: Monday, 19 May 2014 11:03 BST - Written by James Fuller

STORY LINK Pound & US Dollar to Canadian Dollar Exchange Rates Softer Before Canadian Sales & CPI Data

Pound to Canadian Dollar & US Dollar to Canadian Dollar Exchange Rates are softer today before Canadian Sales & CPI Data release this week: At the close of last week the Canadian Dollar advanced modestly against the US Dollar and held steady against its UK rival.

Better-than-forecast manufacturing shipments and existing home sales figures for Canada gave the commodity-driven currency a boost on Thursday and the ‘Loonie’ clung to gains over the weekend.

Although a bought of risk aversion and a dip in the price of commodities like iron ore took a toll on higher-risk assets, the Canadian Dollar maintained a firm footing on Monday.

Meanwhile, UK data published this morning revealed that the asking prices for properties hit record levels in May.

The Rightmove house price report showed that asking prices climbed by 3.6 per cent in May, month-on-month, resulting in an annual increase of 8.9 per cent.

According to Rightmove Director Miles Shipside; ‘May is a traditionally bullish price rise month, though this year’s 3.6 per cent jump beats the previous May high of 3.2 per cent set in 2002. A late Easter in the heart of house-hunting season has not only concertinaed the traditional hottest home-moving period by several weeks, but also stagnated sell numbers, further stirring up prices in areas of buoyant demand.’

Pound Sterling underperforms on UK house prices report

As Bank of England Governor Mark Carney spoke out about UK house prices over the weekend, calling the surge in values the ‘biggest risk’ to UK financial stability, the Pound put on a patchy performance against several of its rivals after the report was published.


Carney argued that policy makers could take action to restrain house price gains, such as limiting types of loans.

In the week ahead the Canadian economic reports to focus on include domestic wholesale sales figures, retail sales data and consumer price inflation.

Canadian retail sales are expected to have increased by 0.3 per cent in March, month-on-month, following a gain of 0.5 per cent in February.

Investors with an interest in the GBP/CAD pairing will also be keeping an eye on UK inflation, retail sales and growth data as the publication of minutes from the Bank of England’s latest policy meeting.

Relevant Pound Sterling / Canadian Dollar / US Dollar Exchange Rates

The Pound Sterling to Canadian Dollar exchange rate is trading down -0.15% at 1.82530 GBP/CAD.
The Pound Sterling to US Dollar exchange rate is trading down -0.04% at 1.68177 GBP/USD.
The Euro to Canadian Dollar exchange rate is trading up +0% at 1.48899 EUR/CAD.
The Euro to US Dollar exchange rate is trading up +0.12% at 1.37190 EUR/USD.
The US Dollar to Canadian Dollar exchange rate is trading down -0.11% at 1.08535 USD/CAD.
The US Dollar to Pound Sterling exchange rate is trading up +0.04% at 0.59461 USD/GBP.

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