Sterling traders are betting on positive economic news this week setting the basis for a stronger currency. Two key indicators this week will be the tell tale signs of a growing British economy, inflation and the purchasing managers index, both of which are solid indicators of economic growth or weakness as the case may be. Also the rapid vaccine rollout has helped as well, 60% of Britain’s population is vaccinated giving added confidence to the markets.
The CAD is a bit weaker to the USD, due to equities being down slightly, the housing starts were better than expected, but Canada’s real estate is getting overdone.
Expect a narrow range the rest of the day.
Currently* Close Range
USDCAD 1.2530 1.2501 1.2471-1.2528
EURCAD 1.5075 1.4965 1.4951-1.5048
GBPCAD 1.7515 1.7279 1.7279-1.7520
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