CAD is the best-performing G10 currency on the day it is reported the Canadian economy grew at an annualised rate of 2.1% in Q2, which is above the 1.8% rate expected by the consensus of economists and the Bank of Canada's forecast for 1.5%.
Pound-Canadian Dollar Week Ahead Forecast: Pulling Back, but 2024 Highs Still on the Cards
- Category: CAD
There has been some interesting price action in the Pound to Canadian Dollar exchange rate (GBP/CAD) already this week, with the pair breaking down by 0.40% on Monday.
The Canadian Dollar dropped in value against all its peers after new data showed a continued cooling in Canadian inflation, raising the odds of further Bank of Canada rate cuts in the coming months.
The Pound to Canadian Dollar exchange rate has recovered further from its early August lows in recent trade and could have scope to test the 1.7750 level in the week ahead, according to the author’s model.