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GBP vs CAD currency overview for 27th March 2018Optimism that the North American Free Trade Agreement (NAFTA) could be successfully renegotiated helped the Canadian Dollar to advance overnight and this pushed the Pound to Canadian Dollar exchange rate to its lowest levels in half a month.
However, Wednesday morning’s news that China had retaliated with more tariffs on US goods spooked investors and weakened the Canadian Dollar. GBP/CAD was advancing at the time of writing.
Canadian Dollar investors are anticipating domestic trade stats tomorrow and job market data on Friday, but developments on US trade stances are also likely to influence the Canadian Dollar.
GBP vs CAD trend analysis for 1st May
Although GBP-CAD has been in an uptrend for some time, the fact that the recent trend (blue line on the chart) is now pointing downwards indicates that a trend change may be forming that is likely to send the Pound lower against the Canadian Dollar.
If you want to buy Canadian Dollars, it might be prudent to do so soon, as it looks your Pound will buy less Canadian Dollars in the near future.
The overview update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/CAD exchange rates
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