The Loonie Dollar has risen further against the Pound as current market trends continue to favour the currency and drive down the pairing. This is a combination of factors including the weakening Pound and changing global sentiments over trade.
The US Dollar has been majorly in the ascendancy lately as the markets back not just the US economic plans but for the US to come out the better from the latest Trade Wars disputes. It has been Turkey catching the headlines lately, but there are also sanctions against Russia, Iran and issues with the EU and also China.
As the biggest trading partner with the US, Canada is exceptionally well placed to benefit from the perceived security of the US economy and currency. If you have a transaction to make in the future, making and understanding your plans in advance is sensible. It does appear that the shift in global politics and trade, will only serve to better support US interests and therefore the Loonie Dollar too.
This week is an important one for GBPCAD with a series of economic data releases which could drive the currency markets and the GBPCAD pairing. There are some important releases for the UK with Inflation, Unemployment and also Retail Sales figures.
Later in the week we also have Canadian Inflation data on Friday and some important US data releases Thursday too. All in all, a busy week of economic data to move markets alongside the ongoing politics of the Trade Wars and Turkish concerns.
The conditions that have led to the GBPCAD level sliding below 1.70 and testing fresh December and November 2017 lows, all look set to continue to me. If you have any Canadian Dollar transfers to consider then this looks like a crucial week to see some developments.
For more information the latest trends and forecasts, please do contact me using email@example.com and I’ll be happy to discuss this with you.