August 21, 2018 - Written by John Cameron
STORY LINK Pound Canadian Dollar Exchange Rate Soars ahead of Barnier Presser
Pound Canadian Dollar (GBP/CAD) Exchange Rate Rises amid Brexit Negotiations
The Pound Canadian Dollar (GBP/CAD) exchange rate has shot up this afternoon, with the EU’s chief Brexit negotiator Michel Barnier scheduled to deliver a presser at 17:15.
This will follow key Brexit negotiations between Barnier and UK Brexit Secretary Dominic Raab, which took place today in Brussels.
As of this writing the Pound is trading at C$1.6777 to the Canadian Dollar, having gone up by an impressive 0.46% this session.
Pound (GBP) Exchange Rates at Mercy of Brexit
With a lull in key UK data today, Pound (GBP) investors have been eager for an update on UK-EU negotiations.
Following the recent negative comments made by prominent politicians – such as Danish Finance Minister Kristian Jensen stating that ‘time is running out’ for a deal to be reached and UK Foreign Secretary Jeremy Hunt labelling a no-deal exit ‘a mistake we would regret for generations’ – Sterling has not been favoured by investors, and may continue to be battered should Barnier’s presser fail to alleviate no-deal fears.
Canadian Dollar (CAD) Exchange Rates Dip despite Rising Oil Prices
Canadian Dollar (CAD) exchange rates have endured a turbulent session, having risen against the US Dollar (USD) at the beginning of this session thanks to an increase in crude oil prices, but soon after dropping following some lower-than-expected sales data.
Canadian wholesale sales for June were forecast to increase by 0.8% but in fact decreased -0.8%. While this data was not slated for a high impact, the Canadian Dollar has nevertheless struggled in markets today.
This dip in CAD value comes after the currency hit a 10-day high against the US Dollar thanks to increased oil prices, but the ‘Loonie’ looks set to close this session without furthering these gains.
Pound Canadian Dollar (GBP/CAD) Exchange Rate Forecast: Canadian Retail Sales to Compound ‘Loonie’ Woes?
The Pound Canadian Dollar (GBP/CAD) exchange rate may climb again during tomorrow’s session, with analysts forecasting Canada’s retail sales to drop alongside the wholesale figures released today.
These figures are the only ones due for release tomorrow that might affect the pairing, so as usual Sterling will derive much of its value from Brexit turbulence, whereas the commodity-correlated ‘Loonie’s’ movement will be closely tied to crude oil prices.
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