GBP/CAD continues to expand its gains on Thursday. Currently, one British pound buys 1.7163 Canadian dollars, up 0.02% as of 10:59.

The price surged yesterday after US President Donald Trump signed the Hong Kong legislation that supports pro-democracy protesters in Hong Kong. The move comes in a period in which US and China are negotiating a potential “phase one” trade deal.

Beijing pledged to retaliate, though no-one knows what specific counter measures China will take.

Chinese Vice Foreign Minister Le Yucheng has already summoned US Ambassador Terry Branstad as a first step, and asked the US to stop meddling with China’s internal affairs.

China’s Ministry of Foreign Affairs said in a statement:

“This is a pure interference in China’s internal affairs. This bill, which has been denounced by all Chinese people, including Hong Kong compatriots, is full of prejudice and arrogance. It treats Hong Kong with intimidation and threats.”

National currencies of trade-reliant economies, such as the Loonie, are declining on fears that the Hong Kong situation might deteriorate US-China relations amid trade talks.

Elsewhere, the pound is additionally supported by a more-than-expected increased in British house prices. Mortgage lender Nationwide said that house prices this month increased by 0.8% year-on-year, which is the biggest gain since April of this year. Economists surveyed by Reuters expected the indicator to increase by 0.2%. Thus, it seems that the national election scheduled for December 12 is not putting further pressure on the housing market.

Nevertheless, the housing sector is experiencing a slowdown anyway. It is the 12th month in a row when annual growth keeps below 1%. For comparison, right before the Brexit referendum in 2016, house prices used to expand an annual rate of about 5%.

Nationwide’s chief economist Robert Gardner said that housing prices typically showed little volatility ahead of elections. He stated:

“Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.”

The sterling would have probably maintaining its bullish stance against the CAD, but the currency is dragged down by CBI data according to which the profits of British services firms declined by the most in eight years. CBI chief economist Rain Newton-Smith said:

“The current economic climate is holding back UK services firms, which are reporting falling sentiment, declining volumes and weaker profitability. Neither is the outlook expected to improve.” 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.