Bullish
GBP/CAD holds near five-week high amid UK rate hike expectations and strong GDP growth.
The GBP/CAD exchange rate has been trading near a five-week high, supported by expectations of a Bank of England interest rate hike in November and stronger-than-expected UK GDP growth. These factors have bolstered the British pound against the Canadian dollar.
Key points
- UK GDP expanded by 0.5% in Q2, reinforcing rate hike expectations.
- Bank of England Deputy Governor Dave Ramsden's comments fuel rate hike speculation.
- Canadian GDP rebounded in August, offsetting some bearish pressure on CAD.
Sources
AI-generated from public news sources. Not financial advice.
