The pound surged to a 19-month high to the USD, the value of sterling had fallen ayear ago, driven in large part by Brexit uncertainty. When Boris Johnson took over as prime minister in July, its value had fallen to about $1.22.But immediately after a Conservative majority was predicted, its value increased by 1.9% to $1.34. That was the highest level seen against the dollar since May 2018. Some analysts have said that the bounce is down to the fact a large Conservative majority means Boris Johnson could get his Brexit deal through Parliament more easily, removing some uncertainty.
The Canadian dollar is unchanged, no Canadian economic news today, however with China and the U.S. having reached an agreement on phase one of a new trade deal, the Canadian dollar stands to benefit from this, possibly allowing the CAD to get stronger.
Expect a narrow range today.
Currently Close Range
USDCAD 1.3190 1.3185 1.3151-1.3205
EURCAD 1.4681 1.4676 1.4641-1.4747
GBPCAD 1.7593 1.7339 1.7523-1.7794
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