GBP/CAD is in free fall on Monday, though the pair has to break below a strong support level if it aims to continue the downtrend. Currently, one British pound buys 1.7208 Canadian dollars, down 0.41% as of 11:10 AM UTC. The price is trading near the lowest since April 7, which is a reliable support.
The pair has shown a flat trajectory since Thursday, but the pound gave up after UK Prime Minister Boris Johnson caused much confusion when he presented the latest updates related to the lockdown measures.
While the PM said yesterday that some of the restrictions will be gradually lifted starting from this week, trade union leader Len McCluskey is not satisfied with the statement. He told BBC radio:
“The prime minister’s response last night was both confusing and almost disbelieving. Millions of people this morning will be completely dumbfounded.”
He added that there were more questions than answers.
Non-Essential Retailers Will Start Working from June at Earliest
Separately, the UK’s Foreign Secretary Dominic Raab said earlier today that the government would allow non-essential retailers to go back to work no earlier than June, while other sectors will be closed until July at the earliest. Raab said:
“There’s the other changes for things like non essential retail and people going back to school, particularly primary school, which won’t start until the earliest on the first of June, subject to conditions.”
While the government has changed the slogan from “stay at home” to “stay alert,” it will still encourage citizens to stay at home as much as possible. The PM said that fines for breaking the social distancing rules would go up to 100 pounds.
Starting from Wednesday, those who are not vulnerable will be able to take unlimited amounts of outdoor exercise by following the social distancing measures. People will be allowed to drive to other destinations, play sports, and visit local parks but only with members of their family.
The PM stressed that those who can work remotely may continue this way but anyone who should be physically present in the office or at the site may go to work.
