The most significant data released this week for the Canadian dollar is that of Employment data, which is published at 12:30 GMT today. This data details whether or not there has been an increase in employment which, in turn, highlights the economic direction of the CAD.
|Currency Pair||% Change (Month)||Difference on £200,000|
An increase of this figure will mean more of the Canadian labour force are in employment and thus increased growth for the economy.Previously, unemployment figures in April were 5.7% which then fell by 0.3% in May. With these values having fallen consistently since January this year, it is expected that unemployment will continue to fall which may offer some respite for the CAD and bump gross consumer spending.
Next week Wednesday the Bank of Canada (BoC) provides the Interest Rate Decision data. Based on previous trends, the interest rates have been raised steadily and consistently since mid-2017 where they were 0.5% and have rose up to 1.8% as of mid-2018 suggesting economic development for the CAD.
The interest rate is expected to either remain the same or increase to around 2% which could cause the commodity-based currency to see some well needed respite against the pound with current GBP/CAD rates at the weakest they have been all year with interbank mid-market levels at 1.641.
Should you have any concerns over the future of CAD rates, you may wish to get in contact with your account manager here to discuss the options available to you looking to the future.
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