GBP/CAD – NAFTA and Interest rate decision will be key this week
Today could be a volatile day for GBP/CAD as discussions continue over the NAFTA (North American Free Trade Agreement) and we are also due to have the latest Bank of Canada interest rate decision and BOC rate statement, both due out at 2pm BST.
NAFTA talks are expected to reopen tomorrow amidst a little Canadian Dollar weakness due to the markets expectations that Donald Trump will continue his high pressure and tough negotiating style with Canada to get the deal that best suits America.
Uncertainty over this agreement has been hanging over the head of the Canadian Dollar for some time now and should the talks appear to be heading heavily in favour of the U.S over Canada, meaning Trump is getting his way then this may lead to Canadian Dollar weakness towards the end of the trading week.
On top of this we have the Bank of Canada interest rate decision and rate statement out tomorrow afternoon. It is widely expected that we are not likely to see any change to interest rates this afternoon, however the Bank of Canada have surprised the markets already once this year raising rates when expectations were for a hold.
An interest rate hike or the speculation of it is usually seen as positive for a currency and it generally leads to it getting stronger, so should there be a surprise hike or a solid shout towards one next month then the Canadian Dollar may actually gain strength tomorrow.
Analysts do expect a rate hike from Canada in October as long as there are no major hiccups with the NAFTA talks so a nod to this in the rate statement this PM may give a short term boost to the Canadian Dollar with all eyes then firmly focused on NAFTA talks for the rest of the week.
If you have Canadian Dollars to buy or sell in the coming weeks then it is highly important that you deal with an experienced and proactive broker. You can email me directly on [email protected] and I will be more than happy to get in touch personally to explain the various ways that I will be able to assist you.
The post GBP/CAD – NAFTA and Interest rate decision will be key this week appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2018/09/gbp-cad-nafta-and-interest-rate-decision-will-be-key-this-week/
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