January 19, 2021 - Written by David Woodsmith
While the Pound’s appeal has been a little weaker this week so far, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate has been edging higher. As the Canadian Dollar is weighed by a combination of market risk-aversion and weakness in the US Dollar, the currency has been unable to capitalise on recent strength in oil prices. Meanwhile, speculation is rising that Britain’s improving longer term outlook could cause some Pound advances soon.
Since opening this week at the level of 1.7300, GBP/CAD has been trending with a largely upside bias. GBP/CAD is trending around a third of a cent above the week’s opening levels in the region of 1.7338 at the time of writing.
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