gbp-cad-currency-symbols - GBP-CAD

GBP/CAD continues to advance on Wednesday, though the pace has slowed. Currently, the pair is trading at 1.7064, up 0.07% as of 9:35 AM UTC. The pair will likely become more volatile later today as Canada will report on inflation while its central bank will announce the interest rate decision.

Yesterday, the sterling gained about half a percentage point against the CAD after the UK’s Office for National Statistics (ONS) said that the number of employed people had increased 208,000 in the three months to November, while analysts expected an increase of 110,000. The positive labor market eased concerns that the Bank of England (BoE) might cut the interest rate at its next meeting on January 30.

The Loonie is losing ground amid declining oil prices, with both WTI and Brent crude brands tumbling over 0.65% today. Canada is an oil-dependent economy, which is why the CAD reacts to oil fluctuations.

Yesterday, the International Energy Agency (IEA) predicted a surplus in the oil market in the first half of the year. The IEA’s outlook eased concerns over disruptions that have cut Libya’s oil production.

IEA director Fatih Birol said that the oil market will be in surplus by a million barrels per day. He told Reuters:

“I see an abundance of energy supply in terms of oil and gas. It’s the reason that recent incidents we have seen – with the Iranian general killed, Libya unrest – didn’t boost international oil prices.”

Libya’s National Oil Corp (NOC) said on Monday that two major oil production facilities started to shut down amid a military conflict. Initially, oil prices surged in response, but the bullish sentiment faded after investors realized that problems in Libya cannot affect the global supply.

Besides this, the fears of outbreak of a new coronavirus in China put pressure on oil demand. If the outbreak will grow to the size of SARS epidemic of 2002-2003, then demand for oil might decline by 260,000 barrels per days, Goldman Sachs stated in a note to investors. The bank’s analysts said:

“Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran and Iraq, driving spot price volatility in coming weeks.” 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.