{"id":98070,"date":"2020-03-27T09:31:46","date_gmt":"2020-03-27T13:31:46","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98070"},"modified":"2020-03-27T11:14:11","modified_gmt":"2020-03-27T15:14:11","slug":"102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\/","title":{"rendered":"GBP\/CAD Concludes Bullish Week as Oil Prices Eye New Lows"},"content":{"rendered":"

GBP\/CAD<\/a> is extending its rally to conclude a bullish week. Currently, the pair is trading at 1.7218, up 0.68% as of 10:12 AM UTC, after gaining over 1.40% yesterday. The price is about to a test a resistance level at about 1.7300, which was dominant in January and February.<\/p>\n

Check real time GBP to CAD exchange rate<\/span><\/a><\/div>\n

WTI, Brent Hit By Unbalanced Supply and Demand<\/h2>\n

The CAD<\/a> is under pressure amid declining oil prices amid the coronavirus<\/a> pandemic. WTI has declined over 1.70% while Brent has plunged over 3%. The two crude brands trade below $23 and $26, respectively. Canada is an oil-dependent economy, which is why its national currency reacts to any major change in the oil market.<\/p>\n

Investors are pricing in the declining oil demand amid the economic crisis triggered by the global pandemic. Besides this, Saudi Arabia has recently escalated a price war with Russia by boosting output and cutting sales prices.<\/p>\n

Oil producers are experiencing forced output cuts for the first time in over three decades. Crude suppliers from Canada are already taking measures.<\/p>\n

Oil giants are announcing major spending cuts. Royal Dutch Shell, Total SA, and Equinor announced that they would cut spending and halt buyback plans for a while.<\/p>\n

Goldman Sachs said in a note to clients that the oil industry should be ready for the second round of spending cuts.<\/p>\n

\u201cWe see US oil production falling almost 1.4 mn bpd over five quarters post 2Q20 based on reduced drilling (i.e., before considering shut-ins of existing wells that are likely to be needed) with covered company capex down 35% [year-on-year] in 2020<\/em>,\u201d the bank said<\/a>.<\/p>\n

Considering the current circumstances, some analysts believe can briefly tumble to as low as $10 per barrel. Refineries are running out of storage and might be forced to cut processing. JBC Energy said<\/a>:<\/p>\n

\u201cIn such an environment, it is as possible for Brent prices to briefly go to $10 per barrel as it was back in 1986 or 1998.\u201d<\/em><\/p>\n

As for the sterling<\/a>, the British currency continues to recover after the central bank left the interest rate unchanged at 0.10%.<\/p>\n

The country is fighting the COVID-19 outbreak by imposing tighter measures. Even Prime Minister Boris Johnson has recently tested positive on the new virus. Thankfully, he shows mild symptoms.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/CAD is extending its rally to conclude a bullish week. Currently, the pair is trading at 1.7218, up 0.68% as of 10:12 AM UTC, after gaining over 1.40% yesterday. The price is about to a test a resistance level at about 1.7300, which was dominant in January and February. WTI, Brent Hit By Unbalanced Supply […]<\/p>\n","protected":false},"author":163946603,"featured_media":65268,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1396,1680,2139,1394,1868,2038],"class_list":{"0":"post-98070","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-boris-johnson","10":"tag-cad","11":"tag-coronavirus","12":"tag-gbp","13":"tag-gbp-cad","14":"tag-oil-prices"},"acf":[],"yoast_head":"\nGBP\/CAD Concludes Bullish Week as Oil Prices Eye New Lows - 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\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\/\" \/>\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\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/CAD Concludes Bullish Week as Oil Prices Eye New Lows\",\"datePublished\":\"2020-03-27T13:31:46+00:00\",\"dateModified\":\"2020-03-27T15:14:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/\"},\"wordCount\":398,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/gbp-cad-currency-performance.jpg\",\"keywords\":[\"boris johnson\",\"cad\",\"coronavirus\",\"gbp\",\"gbp\\\/cad\",\"oil prices\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102832-gbp-cad-concludes-bullish-week-as-oil-prices-eye-new-lows\\\/\",\"name\":\"GBP\\\/CAD Concludes Bullish Week as Oil Prices Eye New Lows - 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