![]() The Canadian Dollar edged over the Pound as bets of a BoE interest rate cut increased after poor UK economic data releases. The currency was further boosted by strong oil prices and global trade hopes. The CAD’s resilience was also boosted last week following the release of Canada’s December job market results which came in above expectations. ![]() With both the Bank of England and the Federal Reserve both showing signs of rate cut speculation, the BoC still stands firm in signalling that no imminent rate cuts are on the horizon for Canada. The BoC is one of the few major banks which have avoided taking a dovish stance regarding their monetary policy and this has shone on the currency in 2020 as it keeps up strong rates with rivals like the GBP and USD. The Canadian dollar has fared well thanks to the Bank of Canada’s stance on its Canadian interest rates over the past few years. Canadian Dollar Looks to the BoC to Keep the Currency Desirable With the pound unable to regain the upper hand against the CAD due to the Loonie’s lasting strength, the GBP/CAD rate was trending lower last week than its opening figure. The resilience shown by the CAD is evident in its strong exchange rates versus the GBP and USD. This week will see the release of various economic figures from the Canadian economy and more importantly, the Bank of Canada’s policy decision. Despite a recent lack of economic data to stir up interest, the currency has held its own and remained in a resilient but strong position. ![]() The Canadian dollar has started 2020 as one of the most appealing currencies in the major trading market.
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