Pound falls from its recent 1 month high against the Canadian Dollar
The Pound has made some very positive gains vs the Canadian Dollar recently with GBPCAD exchange rates hitting above 1.70 for the first time since early August.
However, over the last trading session the Pound has fallen from its recent highs owing to some rather concerning news within the Tory party.
About 50 members of the European Research Group met yesterday and their original aim was to come up with a plan that is different to what was proposed at Chequers a few weeks ago but it appears as though some may be looking to instigate a leadership challenge and this uncertainty had caused the Pound to fall vs the Canadian Dollar.
If a leadership challenge is to take place a total of 48 Tory MPs will need to write to the chairman requesting a vote of no confidence. However, at the current moment it is not clear who will mount the leadership challenge so any move to take things further with a leadership challenge appears highly unlikely until they can decide amongst each other who will try to lead the party going forward.
NAFTA Talks Improving
Turning the focus towards what is happening in Canada at the moment it appears as though the sentiment towards the NAFTA deal is improving. Oil prices have also started to increase and as oil is one of Canada’s largest exports then this is why we have seen an improvement in the value of the Canadian Dollar vs the Pound.
Canada exports approximately 75% of its total export market to the US so if the talks get closer to a resolution between the two countries then I think we could see further strength coming for the Canadian Dollar.
Indeed, whilst the Brexit situations remains uncertain and the NAFTA talks get closer to concluding positively we could see some further losses for the Pound vs the Canadian Dollar in the short term.
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The post Pound falls from its recent 1 month high against the Canadian Dollar appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2018/09/pound-falls-from-its-recent-1-month-high-against-the-canadian-dollar/
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