gbp-cad-currency-symbols - GBP-CAD

GBP/CAD edges up on Wednesday, as UK Prime Minister Boris Johnson officially starts his election campaign. The pair is trading at 1.6964 as of 10:26 AM UTC, up 0.11% so far.

The British pound has been more confident since yesterday when it managed to bounce back from a downtrend that led the price to a November low of 1.6899. The Canadian currency was driven by higher oil prices amid increased hopes that the US and China will end the trade conflict and sign an interim deal.

Nevertheless, the loonie stagnated against its British counterpart after Canada posted trade data.

Canada Trade Deficit Down to C$978M in September

Yesterday, Statistics Canada said that the country’s trade deficit narrowed to C$978 million ($745 million) in September, with both imports and exports decelerating. Analysts surveyed by Reuters expected a deficit of C$700 million for the month.

Exports dropped 1.3% in September, with seven out of 11 categories declining. Exports of metal and non-metallic mineral products were the worst performer, falling by 7.3%.

Crude oil exports declined 2.1% on lower volumes, after noting an increase in August.

Elsewhere, imports dropped by 1.7%. Imports of transportation equipment and parts tumbled 27.7% on slower trade from Belgium.

Nevertheless, the CAD hasn’t been too affected by the trade report. Andrew Grantham of CIBC Economics commented:

“While this looks like a soft report, the declines in two-way trade were anticipated and not any worse than we had feared.”

Johnson Kicks Off Election Campaign

In the UK, PM Boris Johnson launched his election campaign by pledging to handle Brexit while comparing his rival, Liber Party leader Jeremy Corbyn, to Josef Stalin.

The poll will be held on December 12 after the parliament finally approved an early election last week. As of today, analysts cannot predict the outcome of the vote, though Johnson fought for this election in a hope to consolidate the position of his Conservative Party.

The PM admitted that he didn’t want an election but was forced to seek it for the sake of getting Brexit done. Johnson explained:

“I don’t want an election. No prime minister wants an early election, especially not in December. But as things stand we simply have no choice — because it is only by getting Brexit done in the next few weeks that we can focus on all the priorities of the British people.” is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.