Pound To Canadian Dollar Rate Rangebound Despite Positive Market Mood And UK Data
The Pound Canadian Dollar (GBP/CAD) exchange rate trended mostly flat on Thursday despite an upbeat market mood and a UK data release.
At the time of writing GBP/CAD traded at around CA$1.7922, virtually unchanged from Thursday’s opening rate.
On Thursday, the Pound (GBP) fluctuated against the majority of its rivals following the release of the UK’s latest BRC consumer confidence data.
The index revealed a continued drop this month, marking the fifth consecutive month of declining confidence.
Despite a generally positive market sentiment and Sterling’s increasing responsiveness to risk, the Pound failed to gain any substantial
ground after the data was released.
The Canadian Dollar (CAD) had a tough time attracting investor attention on Thursday, partially due to a lack of economic data releases.
However, the absence of domestic news left the ‘Loonie’ vulnerable to external influences.
Crude and brent oil prices both fell on Thursday, putting downward pressure on the crude-linked currency.
As a result, the Canadian Dollar found it difficult to gain support for most of the European trading session.
Looking ahead, the primary catalyst of movement in the Pound Canadian Dollar exchange rate looking ahead to Friday will likely be several
economic releases from both the UK and Canada.
On Friday, the UK is set to release its January retail sales index along with the preliminary services and manufacturing PMIs for February.
With the potential for mixed results, GBP exchange rates could remain volatile as the week comes to a close.
Looking at the Canadian Dollar, Canada will also release its latest retail sales index which could bolster CAD exchange rates at the end of the week should the data report a rise as expected.
Adam Solomon
Contributing Analyst
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