The Pound to Canadian Dollar (GBP/CAD) exchange rate edged higher on Tuesday as falling oil prices undermined the commodity-linked Canadian Dollar while easing UK borrowing costs offered modest support to Sterling. At the time of writing, GBP/CAD was trading around CA$1.8640, modestly higher on the day.
USD/CAD has been on a steep uptrend throughout May with a notable divergence between the loonie's strength and oil prices. What's happening?
The Pound to Canadian Dollar (GBP/CAD) exchange rate drifted lower on Tuesday as renewed tensions in the Middle East pushed oil prices higher and boosted demand for the commodity-linked ‘Loonie'. At the time of writing, GBP/CAD was trading around CA$1.8603, down approximately 0.2% on the day.
The Pound to Canadian Dollar (GBP/CAD) exchange rate weakened at the start of the week as rising oil prices supported the ‘Loonie' while renewed UK political uncertainty weighed on Sterling. At the time of writing, GBP/CAD was trading around CA$1.8602, down 0.2% on the day.
USD/CAD: Technical downtrend favors Canadian Dollar – Scotiabank
USD/CAD: Bearish bias holds below resistance – Scotiabank
The Pound to Canadian Dollar (GBP/CAD) exchange rate saw choppy trade last week as geopolitical developments and central bank decisions drove volatility. At the time of writing, GBP/CAD was trading around CA$1.8464, fluctuating between highs near CA$1.8508 and lows around CA$1.8407.
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