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Canadian Dollar to Pound Sterling (CAD/GBP) Exchange Rate Softens, While CAD/USD Nears Five-Week High

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With the Pound boosted by the expectation that next week’s UK mortgage approval and manufacturing data will show improvement, the Canadian Dollar softened against its British rival during the local session. Meanwhile, the ‘Loonie’ approached a five-week high against the US Dollar ahead of next week’s highly anticipated Federal Reserve policy meeting.

The Canadian Dollar Exchange Rate was in the region of 0.6321 against the British Pound as of 15:40 GMT

Economists are forecasting that the UK reports will show that mortgage approvals increased while an index of manufacturing climbed. Consequently, Sterling strengthened against both the US and Canadian Dollars.

However, the ‘Loonie’ was trading at a multi-week high against the US Dollar and in line to post a third consecutive five-day gain against its American rival as Federal Reserve easing speculation returns to the fore.

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As currency strategist Greg T. Moore notes: ‘The focus for the Canada Dollar is on the events next week, so consolidation should prevail. Markets are looking for anything that could shed light on what the Fed is thinking on quantitative easing.’

The CAD/GBP exchange rate hit a low of 0.6305

Although the Canadian Dollar was able to touch a high of 97.48 against its US counterpart, it slipped slightly as the US University of Michigan Consumer Sentiment Index unexpectedly surged to a six year high.

Economists had expected the measure of sentiment to rise to 84, but it actually climbed to 85.1 in July. This improvement may have some influence on the comments issued by the Federal Reserve next week.

In response to the figure chief economist Jerry Webman asserted: ‘With the employment story improving, I think we should see continuing improvement in consumer confidence and that should boil through the economy.’

Canadian economic news to watch out for next week includes Tuesday’s industrial product price report and Wednesday’s GDP figures.

Current Canadian Dollar (CAD) Exchange Rates

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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9729 <

The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7325 <

The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6321 <

The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0501 <

The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2204 >

The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5820 >

The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0273 <

The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3632 <

The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8284 <

The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9522 >

(Correct as of 15:40 GMT)

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