{"id":97575,"date":"2020-03-16T08:38:06","date_gmt":"2020-03-16T12:38:06","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97575"},"modified":"2020-03-16T12:48:02","modified_gmt":"2020-03-16T16:48:02","slug":"102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\/","title":{"rendered":"GBP\/CAD: Loonie Declines Against Weakening Pound Amid Tumbling Oil Prices"},"content":{"rendered":"

GBP\/CAD<\/a> is recovering some of the previous losses on Monday, departing from the lowest level since mid-January.<\/p>\n

Currently, GBP\/CAD<\/a> \u00a0is trading at 1.7089, up 0.68% as of 9:30 AM UTC.<\/p>\n

Oil Prices Drag CAD Down<\/h2>\n

Both the British and Canadian economies are greatly affected by the market turmoil caused by the coronavirus<\/a> pandemic. However, the Loonie went lower because Canada is a trade-reliant and oil-depending economy. Oil prices have declined in the morning as the US Fed\u2019s emergency move to cut the rates and launch unprecedented quantitative easing failed to calm the markets.<\/p>\n

WTI crude futures dropped below $30. Elsewhere, China reported that factory output tumbled at the sharpest pace in three decades, while retail sales and fixed-asset investment saw record declines.<\/p>\n

Central bankers do their best to curb the impact of the COVID-19 pandemic, but investors are worried that their effort is in vain.<\/p>\n

FXTM chief market strategist Hussein Sayed commented:<\/p>\n

\u201cIt’s becoming evident that the major central banks across the globe are using all their available tools to prevent a crisis, but it seems the fear of the pandemic is taking control of investors.\u201d<\/em><\/p>\n

Oil prices first crashed by 30% last Monday, after Saudi Arabia effectively declared a price war with Russia. Saudi Arabia\u2019s top oil producer boosted output and cut prices to increase sales in Europe and Asia.<\/p>\n

British Economy Also Hit by Coronavirus<\/h2>\n

While the pound is a better position against the Loonie<\/a>, the British economy is heavily impacted by the COVID-19 as well. Dominic Cummings, who is Prime Minister Boris Johnson’s senior adviser, told Reuters that the UK would make further announcement today about the measures against the outbreak.<\/p>\n

The death toll from the virus surged by 14 to 35, while the total cases rose by 20% to 1,372, the UK health authorities said yesterday.<\/p>\n

Earlier today, trade body Make UK and accountancy firm BDO said that manufacturing in the UK dropped sharply in the first months even before the epidemic started in Europe.<\/p>\n

Seamus Nevin, chief economist at Make UK, stated<\/a>:<\/p>\n

\u201cEven before the current situation, the shocking drop in exports could not have come at a worse time ahead of potentially difficult trade talks where the clock is running down fast<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/CAD is recovering some of the previous losses on Monday, departing from the lowest level since mid-January. Currently, GBP\/CAD \u00a0is trading at 1.7089, up 0.68% as of 9:30 AM UTC. Oil Prices Drag CAD Down Both the British and Canadian economies are greatly affected by the market turmoil caused by the coronavirus pandemic. However, the […]<\/p>\n","protected":false},"author":163946603,"featured_media":83552,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[2511,1680,2139,2335,2512,1690,1394,1868],"class_list":{"0":"post-97575","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-british-ecomony","10":"tag-cad","11":"tag-coronavirus","12":"tag-covid-19","13":"tag-currency-performance","14":"tag-forex","15":"tag-gbp","16":"tag-gbp-cad"},"acf":[],"yoast_head":"\nGBP\/CAD: Loonie Declines Against Weakening Pound Amid Tumbling Oil Prices - 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\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/CAD: Loonie Declines Against Weakening Pound Amid Tumbling Oil Prices\",\"datePublished\":\"2020-03-16T12:38:06+00:00\",\"dateModified\":\"2020-03-16T16:48:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/\"},\"wordCount\":374,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/GBP-CAD-Pound-Stronger-Despite.jpg\",\"keywords\":[\"british ecomony\",\"cad\",\"coronavirus\",\"covid-19\",\"currency performance\",\"forex\",\"gbp\",\"gbp\\\/cad\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102699-gbp-cad-loonie-declines-against-weakening-pound-amid-tumbling-oil-prices\\\/\",\"name\":\"GBP\\\/CAD: Loonie Declines Against Weakening Pound Amid Tumbling Oil Prices - 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