GBPCAD Rates: Lack of Faith in the Pound Highlighted by Oil Crisis?

CAD value determined externally

Until Friday this week, with very little data released on the Canadian economy, CAD value will largely be governed by forces outside of its control - such as the US interest rate decision on Wednesday, as well as further oil price fluctuations. The focus pairing for the week, as the paragraph above suggests, will be USD/CAD as the world watches to see if interest rates in it's largest economy will finally rise for the first time since the financial crisis. However, data released today on the...
Pound to Canadian Dollar Outlook: BoC Interest Rate Cut Bets Soar as Oil Prices Sink CAD

Canadian Dollar finally weakens

As polls open and North-American markets finally become concerned about the potential for a change of Prime Minister following the latest poll numbers, the Canadian Dollar has finally weakened after a long-delay. The rule of thumb on currency markets is for weakness surrounding election for any given currency. The Canadian Dollar has proven that it also follows the same rules, however delayed the result. GBP/CAD has strengthened a full 1% in 2 hours and USD/CAD and EUR/CAD are following similar patterns. It is difficult to gauge how far this...
Canadian Dollar Suffers Seven-Week Low Following the Spread of the Coronavirus

CAD buying rates still low

CAD rates across the board, whether USD/CAD, GBP/CAD or EUR/CAD are still remaining stubbornly low ahead of the election on Monday - I have never seen this level of apathy towards an event which will affect the country for years to come. Especially when polls are close. There are three possible reasons for this, one of which has been touched on in earlier posts. The recent rises in oil prices have hailed a new confidence in the CAD which had previously been causing the consistence slides on...
Pound to Canadian Dollar outlook Will Sterling struggle against the Canadian Dollar?

Canadian Dollar still very volatile

The Canadian Dollar's value is still shifting parallel to a rollercoaster-like oil market. Last week Oil prices rose by 10% in total, this was matched by a 4% decline overnight on Monday heading into Tuesday. The Canadian Dollar fell away slightly from recent gains as a result. The reason for the decline was a reduction in Chinese imports by 20% last month alone, which caused many to question whether forecasts for future oil demand would overstated, causing oil prices to fall again. The general trend, however,...
Pound to Dollar Rate Pushed Higher by Risk-on Mood

GBP/CAD back above 2.0!

GBP/CAD rates have recovered slightly overnight with the news that oil prices dipped marginally after their recent one month highs on the markets. Like currency movements, oil prices were never meant to move in a straight line. It seems that US stocks of Crude Oil did continue to increase even though production has decreased now that shale and fracking has become less economical. This indicated that demand had fallen slightly as well. With the Canadian Dollar so heavily tied to the value of the oil price,...
GBPEUR Rejected by 1.17 Price Level Again

GDP figures boost Canadian Dollar

*Breaking news* we have just had the revised figures for Gross Domestic Products in the Canadian economy for the month of July. A significant barometer for measuring growth in the economy, these data releases normally have a powerful effect on Canadian Dollar exchange rates. The growth in the economy for the single month of July came in at +0.3%, and this was even when oil prices were at their lowest. The Canadian Dollar itself has received a lot of attention from the news. Previously GBP/CAD...
GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of Canada Statement

Canadian Dollar week-long gains

The Canadian Dollar has had its most positive week in months, even with an election on the horizon which normally makes investors reluctant to get involved with the currency in question due to the uncertainty on its future financial policy. The first boost was this weeks rise in oil price by more than 2.5% following the announcement of reduced drilling output for the US, as the prolonged low oil price has made their shale oil uneconomical to produce. As a major exporter the value of...
Pound to Dollar Rate Pushed Higher by Risk-on Mood

GBP/CAD the focus today

GBP/CAD was the focus pairing for the Canadian Dollar today. We are still waiting for the US interest rate decision on Thursday, but there are no new indicators on the probability for this decision, at least none which are obvious enough to affect USD/CAD rates currently. Today inflation data for the UK economy was released which came in as expected, but still disappointingly low. Inflation for August were stable at 0.0%, but being on the precipice of deflation is doing little to help the value...
Oil Prices and Brexit Casuing Volatility for Pound to Canadian Dollar Exchange Rates

EUR/CAD the focus today

Another data light day for the Canadian Dollar and its pairings finds its only exception in EUR/CAD today, with significant releases expected in the Eurozone economy. Import and export data will be published for both Germany and France, and the data for the second quarter GDP figures in the Eurozone will be published. EUR/CAD levels got a welcome boost ahead of these data releases, as markets saw a teaser in the form of strong German Industrial Production figures - which came in showing higher than...
GBPCAD Rates: Lack of Faith in the Pound Highlighted by Oil Crisis?

Further Oil slides weaken CAD

The Canadian Dollar has come under further pressure through the day's trading. Oil prices continued to fall as a panicking market is selling off any securities and futures they are holding, causing CAD value to suffer. Since 'Black Monday', and the subsequent yo-yo-ing of the stock market which proved it was not just a 'blip' or an 'anomaly', investors have been panicking about sudden falls in the value of their holdings. As a result, many are selling off futures, one of the principle futures being...