Weekly Currency Update GBP/CAD - Week ending 20th August

[Windsor02]

As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.

Last week saw the U.S. dollar rebound from a 2-week low against its Canadian counterpart, to end the week close to a 4-week high as risk aversion grew after worse-than-expected U.S. and Canadian economic data.
USD/CAD hit his lowest on Thursday; since August 6, however, The pair rallied by close of trade on Friday, gaining 0.54% over the week.
The crazy loss came after official data showed that Canadian wholesale sales declined unexpectedly in June, while an index of leading economic indicators rose less-than-expected in June. A separate report showed that Canadian core consumer price inflation unexpectedly fell in July.
Meanwhile, in the U.S. official data showed that initial jobless claims unexpectedly jumped to their highest level in 9 months, creating concerns over the rate of growth in the world's largest economy.


GBP/CAD movement – High’s & Low’s of last week (16th August– 20th August)

High’s: 1. 6384
Low's: 1. 5961


Difference on £200,000

High: CAD 327,680
Low: CAD 319,220

Difference of: CAD 8,460

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

Regards


Mark Bodega
Director - HiFX