The Pound plumbed new depths against the Canadian Dollar for the 2019 year Tuesday but is in danger of falling to what would be its lowest levels since a long time before the Brexit referendum of 206, according to technical analysts at Scotiabank, as Brexit fears escalate further.
The Pound-to-Canadian-Dollar rate jumped Wednesday as investors lightened up bets against the British currency as the UK following the conclusion of the Conservative Party leadership election but Sterling could win back even more ground previously lost to the Loonie over the coming weeks, according to analysts at Westpac.
The Canadian Dollar softened against its U.S. counterpart Tuesday but continued to trounce all of its other rivals in the G10 league table, although the Loonie's dominance of the developed world currency universe could soon be questioned if the latest commentary from CIBC Capital Markets is anything to go by.
The Pound-to-Canadian-Dollar rate was trading at around 1.6311 early Monday after fallling around half a percent in the previous week, although studies of the charts suggest the pair could be about to embark on a strong recovery.
The Canadian Dollar retreated further from recent highs against its U.S. counterpart and the Pound Friday after retail sales figures surprised on the downside for a second consecutive month, prompting the market to question whether Canada's economic outperformance may have ended in the second-quarter.
The Canadian Dollar softened with inflation on Wednesday, as markets responded to official data published by Statistics Canada, although the Loonie retains its seemingly unassailable grip on the top spot in the G10 league table and is expected to advance further against the Pound this week.