The Pound-to-Canadian-Dollar rate saw a moment of respite from previously-relentless selling on Friday, after the fLoonie was humbled by President Donald Trump's plan to impose tariffs on Mexican goods due to a dispute over migration, which is threatening the unratified update of the North American Free Trade Agreement (NAFTA).
The Canadian Dollar was on its back foot Wednesday as oil prices declined in a risk-averse market and after the Bank of Canada (BoC) appeared to suggest it could be quite some time before it lifts interest rates again, even if the domestic economic outlook has improved notably of late.
The Pound was higher against a faltering Canadian Dollar Tuesday as the British currency stabilised and the Loonie ceded further ground to rivals, but analysts at Scotiabank have warned clients that such gains will not last for long, arguing the technical outlook for the pair is still 'bearish'.
Pound Sterling succumbed further to the overtures of a resurgent Loonie Thursday after March retail sales figures cheered the Canadian economy and as a Brexit-related crisis continued to brew in Westminster, threatening new lows for the Pound-to-Canadian-Dollar rate.
The Pound-to-Canadian-Dollar rate plumbed fresh lows Friday and the Loonie bucked a global trend by besting the U.S. greenback after the White House lifted tariffs on imports of Canadian steel and aluminium, amid a return of 'no deal' Brexit risk.
The Canadian Dollar gained a shot in the arm on Thursday after positive trade news helped offset marginally disappointing inflation data, giving the currency a boost which helped it to extend its rally against the weaker Pound.