April 27, 2021 - Written by John Cameron
STORY LINK Pound Canadian Dollar Exchange Rate Steady as Canada’s Covid-19 Vaccinations Double Since April
GBP/CAD Exchange Rate Rangebound as Canada’s Covid-19 Vaccines Pass 12-Million
The Pound Canadian Dollar exchange rate held steady today as the daily amount of Covid-19 vaccinations in Canada has doubled since the beginning of April. The pairing is currently fluctuating around CA$1.72.
The Canadian Dollar (CAD) has benefited from news that Canada has now surpassed 12-million Covid-19 vaccinations as the nation’s rollout continues to pick up steam.
Canada’s Global News explains:
‘Canada’s COVID-19 doses administered per 100 people now stands at 31.30, as of April 24. It’s a rate that has doubled since the beginning of the month, with the country’s vaccination rate previously at 15.62 on April 1.
‘The latest breakdown of vaccine administration from Health Canada states that at least 24.2 per cent of all Canadians have received at least one dose of the vaccine, as of April 24. At least 2.37 per cent of the population, or 900,000 people, have received two doses of the vaccine and are now fully immunized.’
Canadian Dollar (CAD) traders will also be awaiting today’s speech from the Tiff Macklem, the Senior Deputy Governor of the Bank of Canada (BoC).
If Macklem is notably upbeat in his assessment of the Canadian economy, then we could see the Canadian Dollar Pound exchange rate begin to edge higher.
Pound (GBP) Exchange Rate Struggles Despite Positive Outlook for UK Economy
The Pound (GBP) struggled today despite an increasingly positive outlook for the British economy. The UK retail sector is now expected to help fuel the nation’s economic rebound this year.
Ian Stewart, chief economist at Deloitte, expressed confidence in the UK economy, saying:
‘The UK is primed for a sharp snap back in consumer activity. High levels of saving, the successful vaccination rollout and the easing of the lockdown set the stage for a surge in spending over the coming months.’
As a result, UK markets are becoming increasingly optimistic about the outlook for the UK economy.
In UK Covid-19 news, daily cases continue to fall, with today’s cases down by -899 compared to last week. Daily deaths are also in single figures.
GBP/CAD Exchange Rate Forecast: Could Rising Canadian Retail Sales Data Boost the ‘Loonie’?
Canadian Dollar (CAD) traders will be looking ahead to tomorrow’s release of the latest Canadian Retail Sales report for February.
Any further improvement in the outlook for the Canadian economy would be CAD-positive.
Oil prices will also influence the oil-sensitive ‘Loonie’ this week. If oil prices show signs of rising, then the CAD/GBP exchange rate would rise.
The Pound Canadian Dollar exchange rate could climb higher this week, however, if the outlook for the British economy continues to improve.
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TAGS: Canadian Dollar Forecasts Pound Canadian Dollar Forecasts