Pound Canadian Dollar Exchange Rate Rallies Following Shock BoE Announcement
The Pound to Canadian Dollar (GBP/CAD) exchange rate wavered throughout the week, plummeting on as low as CA$1.6892 on Monday before peaking on Wednesday at CA$1.7080.
Sterling has been impacted by various factors throughout the week which has caused its appeal to drastically fluctuate, however GBP has remained strong against CAD due to weak WTI oil prices which have weighed on the ‘Loonie’.
Pound (GBP) Exchange Rates Fluctuate amid Surprise BoE Rate Hike
The Pound (GBP) fluctuated on Monday. Initially firming in response to the UK government’s optimistic booster-jab plans to slow the Omicron variant’s wave across the country in the morning, by the afternoon, GBP had lost ground due to the rising numbers of Omicron cases which shook investors’ confidence.
Sterling reversed its losses on Tuesday, due to upbeat UK employment figures
On Wednesday morning, GBP strengthened as domestic…
