Non Farm Payrolls Non Farm Payrolls GBP/CAD

The number of jobs being created in America continues to rise.

On Friday 7th July, the US Bureau of Labor Statistics is scheduled to release the June jobs report at 1330 BST. The GBP/USD could be in for some big moves is the data surprises.

The Canadian Dollar is likely to rise as a result of recent hawkish commentary from Bank of Canada (BOC), however, the big question is whether it can hold onto those gains.

The Pound has pushed higher against the Canadian Dollar despite recent commentary from the governor of the Bank of Canada (BOC) which supported the Canadian Dollar.

The Pound to Canadian Dollar fell over half a percent on Wednesday to 1.6820 after the governor of the Bank of Canada (BOC) said the Bank’s hitherto low interest rates had “done their job” and the Bank would be revisiting the possibility of increasing interest rates at its next meeting on July 12.

The Pound rose against the Canadian Dollar (Loonie) at the end of last week reversing the downtrend temporarily but the overall trend remains bearish as we look ahead to the new trading week.

The Pound rose against the Canadian Dollar (Loonie) at the end of the week after the release of disappointing inflation data weighed on hopes the Bank of Canada (BOC) would start raising interest rates.

The collapse in the price of crude oil has weakened the Canadian Dollar against many currencies, but not against the Pound which is even weaker.

The Canadian Dollar is benefiting from a positive assessment from the Bank of Canada, and assuming data continues to be positive in the week ahead will probably have the upper hand over politically risk sensitive Sterling.

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.

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.

The Pound to Canadian Dollar sold off steeply after an inconclusive election result weighed on the Pound.

The Pound to Canadian Dollar fell over 2.3% overnight after the UK election returned a politically unstable hung parliament.

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.

Those with an interest with how the US Dollar performs on global foreign exchange markets over the coming 24 hours will be watching the release of US employment data due out at 13:30 B.S.T.

Sterling is clawing back gains against the Canadian Dollar after the pair bottomed at 1.7190 before the weekend.

The Canadian Dollar could well undergo volatile swings in the week ahead as the standout event on the calendar is likely to be the meeting of the Oil Cartel OPEC on Thursday, June 1.

The Canadian Dollar has strengthened following the release of an optimistic Bank of Canada (BOC) rate meeting statement.

There is a growing consensus amongst analysts, as we reach the middle of the week that the Pound to Canadian Dollar has peaked and is likely to continue selling off.

GBP/CAD has been forming what could be a ‘rounding top’ pattern and is now gently rolling over.