NEW! Got a question about currency? Get help from a dedicated foreign exchange expert - completely free of charge. CLICK HERE
TorFX

Canadian Dollar to Pound Sterling (CAD/GBP) Exchange Rate – ‘Loonie’ remains stronger

Canadian Dollars

The Canadian Dollar is trading higher against the Pound and maintained it’s upwards trend against the US Dollar during Tuesday’s session after the currency was buoyed by data suggesting that the Canadian economy is picking up strength.

According to the Canada Mortgage and Housing Corporation the number of new housing starts in Canada fell by a bigger-than-expected margin in August. The amount of seasonally adjusted housing starts fell from the 193,000 units recorded in July to 180,300 units in August. Economists had been expecting a figure of 190,000.

Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, “The trend in total housing starts continued to be relatively stable for a sixth consecutive month, remaining within a narrow range of roughly 182,000 to 188,000 units since March 2013.”

Despite the decline in housing starts the Canadian Dollar was still benefitting from the strong jobs data released last week. Also contributing strength to the currency was the increased demand for higher yielding and commodity based assets as risk sentiment improved.

TorFX

Demand for risk improved as the threat of US military action against Syria grew smaller and as the world’s second largest economy, China posted stronger than expected economic data. The Asian country reported industrial production was 10.4 per cent higher in August than the year before, ahead of the consensus of analysts’ forecasts of a 9.9 per cent increase.

U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.

Current Canadian Dollar (CAD) Exchange Rates:

The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9644 >

The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7275

The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0424 <

The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2019 <

The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6274 <

The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0368

The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8319 >

The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9593 >

(Correct as of 14:25 pm GMT)

What Next?

Recent Articles