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Pound Sterling to Canadian Dollar (GBP/CAD): CAD has a fair bit on its plate today

The latest wholesale rates show the Cad Dollar to be under a touch of pressure:

  • The Pound Sterling to Canadian Dollar is 0.5 pct up on Tuesday night's close at 1.6464.
  • The Euro to Canadian Dollar exchange rate is 0.06 pct higher at 1.3766.
  • The US Dollar to Canadian Dollar exchange rate is 0.14 pct higher at 1.0311.

BE AWARE: These are wholesale quotes. Your bank or provider will add their own discretionary rate when passing on retail FX. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering you more currency. Please learn more here.

The outlook for the Canadian Dollar today

poloz takes centre stage todayUSD/CAD has a fair bit on its plate today, as Shaun Osborne at TD Securities says:

"Governor Poloz is sharing air time with the Fed (see details above) which may add a little to volatility ahead of the FOMC.  But there is no doubt that the Fed announcement and sorting through the implications of whatever policy changes and projections are unveiled today is what will determine where USD/CAD heads in the near-term.

"Broadly, a USD10bn tapering is factored in; a dovish (low or no plus strengthened forward guidance) taper should push USD/CAD lower—testing 1.0200/50.  A more hawkish outcome (higher taper plus better economic and rate projections through 2016) will be USD-positive and push funds back towards 1.0450."

Camilla Sutton at Scotiabank says:

"CAD is flat to yesterday’s close leading into the NA risk event laden trading session. Today at 10:25am Governor Poloz’ speech will be released and will be followed by its delivery and Q&A at 10:40am EST and a press conference at 12:20 EST.best canadian dollar exchange rate

"We expect his speech to draw on many of the themes of his previous speech with the Q&A more focused on monetary policy and financial stability risks.

"USDCAD short‐term technicals: bearish with all studies in sell territory, there are no warning signals that suggest the trend is changing. Support lies at the July 31 low of 1.0246, followed by the 200‐day MA at 1.0211; while resistance is at the 100‐day MA at 1.0343, followed by the 50‐day at 1.0381."   

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