{"id":84363,"date":"2019-12-31T11:08:08","date_gmt":"2019-12-31T16:08:08","guid":{"rendered":"https:\/\/currencylive.com\/?p=84363"},"modified":"2019-12-31T11:08:08","modified_gmt":"2019-12-31T16:08:08","slug":"101924-gbp-cad-pound-enters-new-year-on-positive-note","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101924-gbp-cad-pound-enters-new-year-on-positive-note\/","title":{"rendered":"GBP\/CAD: Pound Enters New Year on Positive Note"},"content":{"rendered":"<p>GBP\/CAD extended the uptrend on Tuesday. Currently, the pair is trading at 1.7200, up 0.41% as of 11:15 AM UTC.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The Loonie is under pressure amid declining oil prices. Nevertheless, both Brent and WTI crude brands will show the biggest annual growth since 2016.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Brent has increased by 24% since the beginning of the year, while WTI has gained 35% for the same period. Thus, both benchmarks are about to record the highest annual gains in three years. Oil prices have been supported by US-China trade negotiations and production cuts scheduled by the Organization of Petroleum Exporting Countries (OPEC).<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Yesterday, White House\u2019s trade adviser Peter Navarro said that the phase one trade deal between the US and China would be inked next week.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Besides, investors are watching the tensions in the Middle East. On Sunday, the US launched airstrikes against the Katib Hezbollah militia group in Iraq and Syria. As a result, operations at an oil field in Iraq halted for a while.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>In the last day of the year, oil prices have entered a correction phase, which doesn\u2019t bode well for the Canadian dollar since Canada is an oil-dependent economy.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Stephen Innes, AxiTrader\u2019s chief Asia market strategist, <a href=\"https:\/\/www.cnbc.com\/2019\/12\/31\/oil-markets-us-china-trade-supply-cuts-in-focus.html\">commented<\/a>:<\/p>\n<p><i>\u201cOil prices have followed the general de-risking drift into year-end despite a rise in Middle East tensions and last week&#8217;s bullish-for-oil-price inventory draws as the broader markets appear to be losing some of that holiday cheer.\u201d<\/i><\/p>\n<p>Elsewhere, the British pound has been trying to recover the losses of a dramatic bearish trend triggered by fears of a potential no-deal Brexit. After the UK election won by the Conservative Party, Prime Minister Boris Johnson decided to ban any attempt to extend the Brexit transition period beyond December 2020. If the UK fails to reach a trade agreement with the European Union by that time, it may leave the bloc without a deal.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>European leaders do not welcome the tight timeline and hope that Johnson will change his mind. These hopes have been supporting the sterling since last Monday when GBP\/CAD was trading slightly below 1.7000.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), 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 currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/CAD extended the uptrend on Tuesday. Currently, the pair is trading at 1.7200, up 0.41% as of 11:15 AM UTC.\u00a0 The Loonie is under pressure amid declining oil prices. Nevertheless, both Brent and WTI crude brands will show the biggest annual growth since 2016.\u00a0 Brent has increased by 24% since the beginning of the year, [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":65268,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1680,1394],"class_list":["post-84363","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cad","category-gbp","tag-cad","tag-gbp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/CAD: Pound Enters New Year on Positive Note - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101924-gbp-cad-pound-enters-new-year-on-positive-note\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/CAD: Pound Enters New Year on Positive Note\",\"datePublished\":\"2019-12-31T16:08:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/\"},\"wordCount\":595,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/gbp-cad-currency-performance.jpg\",\"keywords\":[\"cad\",\"gbp\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101924-gbp-cad-pound-enters-new-year-on-positive-note\\\/\",\"name\":\"GBP\\\/CAD: Pound Enters New Year on Positive Note - 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