The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has risen slightly today, although these gains are mainly on account of the ‘Loonie’ (CAD) dipping on poor crude oil prices.
GBP/CAD Exchange Rate News: Potential for Cuts in Store as UK Budget Looms
The Pound (GBP) has been moving in a favourable direction overall today, with gains including a minor amount against the Canadian Dollar (AUD/CAD), 0.5% against the New Zealand Dollar (GBP/NZD) and 1.2% against the South African Rand (GBP/ZAR). The greatest loss seen for Sterling has been a -0.5% dip against the Thai Baht (GBP/THB).
The Pound’s movement today has mainly been dictated by domestic stories, as no real UK data has been published.
Most recently, a savings bonus for millions of low-paid UK workers has been announced, although current expectations are that with interest rates as low as they are, few will participate in the government-backed scheme.
Canadian Dollar (CAD) Mixed Today on Commodity Slump
The Canadian Dollar (CAD) has actually been faring fairly well today, though the Canadian currency has been distinctly weakened by the price of crude oil (relative to last week’s gains) and gold both slipping in recent days.
The ‘Loonie’ has risen by 0.2% against the Euro (CAD/EUR) and 0.5% against the New Zealand Dollar (CAD/NZD), but has otherwise lost out against the Pound Sterling (CAD/GBP) and the US Dollar (CAD/USD), by -0.3% in the latter case.
GBP/CAD Exchange Rate Forecast: Canadian Homes Sales Tomorrow, Major UK Data Day on Wednesday
The immediate future is set to focus on the Canadian Dollar (CAD), given that the first UK economic announcements of the week aren’t due until Wednesday at the earliest. Today is essentially over in terms of economic announcements, therefore tomorrow afternoon’s Canadian existing home sales figure for February is set to trigger movement.
After this, Wednesday morning will open with a trio of impactful UK announcements covering the earnings, claims and unemployment results for January and February.
One of the biggest UK events of the week is also due on Wednesday, when during the afternoon Chancellor George Osborne is scheduled to deliver his budget to the Houses of Commons.
Current GBP, CAD Exchange Rates
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in the region of 1.9002 and the Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate was trending in the region of 0.5268 today.
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