Despite highly mixed market trade sentiment this week, the British Pound to Canadian Dollar (GBP/CAD) exchange rate is being pressured by Brexit uncertainties and the Canadian Dollar is benefitting from hopes that the US could still introduce new fiscal stimulus measures. On top of this, Canadian Dollar investors were generally happy with the latest comments made by Bank of Canada (BoC) Governor Tiff Macklem.
After opening this week at the level of 1.7208, GBP/CAD has spent the week trending with a downside bias.
At the time of writing, GBP/CAD is rebounding slightly from a weekly low of 1.7080, and trends in the region of 1.7134.
Still, this rebound may be limited, and GBP/CAD doesn’t trend too far above last week’s opening levels of 1.7062. GBP/CAD has shed most of last week’s gains as the Canadian Dollar benefits from this week’s market sentiment.
The Pound’s movement this week has been highly volatile, illustrated by the British currency’s jittery downside movement against a stronger Canadian Dollar in recent sessions.
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