The Canadian Dollar (Loonie) keeps powering higher based on a positive fundamental outlook for the economy, and this has had the effect of pushing the GBP/CAD pair lower.
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Economists see a reversal of BoC policy while FX strategists see only downside to current market expectations.
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The sell-off in USD/CAD and GBP/CAD is gathering apace after the Bank of Canada (BOC) surprised markets by increasing interest rates by 0.25% at its rate meeting on Wednesday.
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The Bank of Canada decided to riase interest rates from 0.75% to 1.0% at their rate meeting on Wednesday, sparking a strong rally in the Canadian Dollar.
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The Pound to Canadian Dollar exchange rate is extending its downtrend, mainly due to the Candian Dollar strengthening after data showed continued above-expectation economic growth, and the Pound so…
Read more … →A stronger than previously expected rate of growth in Canada could mean the BoC brings forward its next hike, leaving GBP/CAD facing further losses.
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The Canadian Dollar vaulted higher on Thursday after the release of second quarter GDP data confirmed the economy's strong upward trajectory.
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