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Pound Sterling to Canadian Dollar (GBP/CAD), US Dollar (GBP/USD) Exchange Rate Forecast: Will Oil Drop on OPEC’s Record High Production?

Canadian Dollar Currency Forecast

The Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates noted a decline on Monday after the UK’s Rightmove House Prices declined from 5.4% to 4.7% on the year in April and oil prices rebounded slightly.

The Canadian Dollar exchange rate was offered some support when oil prices advanced as crude is Canada’s largest export. However, oil’s rally may be sensitive today as Saudi Arabia’s oil minister Ali al-Naimi suggested that output in crude would remain near all-time highs of 10 million barrels a day.

Naimi stated: ‘I have said many times we will always be happy to supply to our customers with what they want. Now they want 10 million.’

Meanwhile, Friday’s US Baker Hughes Rig Count noted a decline from 988 to 954 in the week through April 17th, which helped the Canadian Dollar climb.

Candian Dollar to Pound Sterling (CAD/GBP) and Canadian Dollar to US Dollar (CAD/USD) Exchange Rate Forecast

The Canadian Dollar to US Dollar (CAD/USD) and Canadian Dollar to Pound Sterling (CAD/GBP) exchange rates could be in for major fluctuations on Monday with Bank of Canada (BOC) Governor Stephen Poloz due to speak in New York.

Poloz will be a member of the panel discussion at Bloomberg’s Americas Monetary Summit, and therefore both the Canadian Dollar and US Dollar exchange rates could be in for further fluctuations dependent on the outcome.

Wednesday could be another day for Canadian Dollar movement with the Canadian finance minister Joe Oliver due to announce the latest budget.

Meanwhile, the US Dollar could be in for some movement if any speculation surrounding the Federal Reserve arises. Monday will see Fed official William Dudley speak in New York which could impact the way the US Dollar to Canadian Dollar (USD/CAD) and US Dollar to Pound Sterling (USD/GBP) exchange rates trade.

The Federal Reserve Chicago National Activity Index is due out on Monday and is forecast to come in at 0.10 in March after February’s -0.11.

The biggest event for the US Dollar this week will occur on Friday in the form of US Durable Goods Orders. The ecostat is expected to hit 0.6% in March after February’s unfavourable -1.1% contraction.

Pound Sterling to Canadian Dollar (GBP/CAD) and US Dollar (GBP/USD) Exchange Rate Forecast

The Pound Sterling to Canadian Dollar (GBP/CAD) and US Dollar (GBP/USD) exchange rates are forecast for fluctuations on Wednesday when the Bank of England (BoE) publishes its latest meeting minutes.

The April minutes could prove to be highly influential for the Pound Sterling exchange rate, particularly if any divergence amongst policymakers occurred on the topic of interest rate hikes.

The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is trading at 1.8250; the Pound Sterling to US Dollar (GBP/USD) exchange rate is trending in the region of 1.4933.