The Pound to Canadian Dollar has declined steeply from highs of 1.78 in May to the current level in the 1.68s, however, now it has paused to consolidate before its next move.
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Despite making gains across the board, the British Pound has struggled against the Canadian Dollar which was boosted by a shift in tone at the Bank of Canada.
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The Pound to Canadian Dollar sold off steeply after an inconclusive election result weighed on the Pound.
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The Pound to Canadian Dollar fell over 2.3% overnight after the UK election returned a politically unstable hung parliament.
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The Canadian Dollar slipped in the wake of a dramatic slump in global oil prices.
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The balance of risks favour more upside for GBP/CAD as the falling price of oil weighs on CAD, and the UK elections on Thursday favour a conservative win.
Read more … →National Bank of Canada have told clients they remain positive on the Canadian Dollar’s prospects over the medium-term period.
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