{"id":98992,"date":"2020-04-16T07:46:32","date_gmt":"2020-04-16T11:46:32","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98992"},"modified":"2020-04-16T09:03:53","modified_gmt":"2020-04-16T13:03:53","slug":"103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\/","title":{"rendered":"GBP\/CAD Corrects After 3 Consecutive Bullish Sessions"},"content":{"rendered":"

GBP\/CAD<\/a> is declining on Thursday, after three consecutive bullish sessions during which the pair gained over 1.6%. Currently, one British pound<\/a> buys 1.7615, up 0.25% as of 11:20 AM UTC.<\/p>\n

Yesterday, CAD<\/a> fell by 0.80% against the pound as the Bank of Canada (BoC) maintained the interest rate unchanged at 0.25%. However, investors reacted to the bank\u2019s new market operations and its expectation of a \u201cdeep contraction in economic activity and employment worldwide.\u201d<\/p>\n

The BoC will continue to buy at least $5 billion in government securities each week and will boost the level of purchases to keep the normal functioning of the bond market.<\/p>\n

The central bank said that the COVID-19 pandemic was about to trigger the largest near-term contraction in Canada\u2019s history, though it hopes the economy might gradually reopen starting from June.<\/p>\n

The government required people to stay home and shut down non-essential businesses.<\/p>\n

The BoC shared two possible scenarios under which the gross domestic product (GDP) would tumble. It expected real GDP to drop by up to 3% in the first quarter and a further contraction of up to 30% in the second quarter.<\/p>\n

Nevertheless, as BoC Governor Stephen Poloz puts<\/a> it:<\/p>\n

\u201cI’m reasonably optimistic that the positive scenario is still achievable<\/em>.\u201d<\/p>\n

The positive scenario can be achieved if the government is starting to remove the lockdown measures in late May or early June.<\/p>\n

So far, Canada reported 27,540 COVID cases and 954 related deaths.<\/p>\n

Canada\u2019s GDP Collapsed 9% in March<\/h2>\n

Separately, Statistics Canada shared a preliminary estimate on the economic activity for March, saying that the GDP fell 9% compared to February, which, if confirmed by official data, would be the largest monthly decline on record. The agency said<\/a>:<\/p>\n

\u201cEconomic disruptions have been both deep and widespread in the month of March. Overall for the quarter, this flash estimate of GDP leads to an approximate decline of 2.6% for the first quarter of 2020.\u201d<\/em><\/p>\n

However, Statics Canada stressed that the flash reading was not of the same quality of its official GDP data.<\/p>\n

On Thursday, the Loonie has recovered some of the losses, though the pound is still in a better position considering the longer-term trend.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/CAD is declining on Thursday, after three consecutive bullish sessions during which the pair gained over 1.6%. Currently, one British pound buys 1.7615, up 0.25% as of 11:20 AM UTC. Yesterday, CAD fell by 0.80% against the pound as the Bank of Canada (BoC) maintained the interest rate unchanged at 0.25%. However, investors reacted to […]<\/p>\n","protected":false},"author":163946603,"featured_media":65509,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1705,1680,1394],"class_list":{"0":"post-98992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-bank-of-canada","10":"tag-cad","11":"tag-gbp"},"acf":[],"yoast_head":"\nGBP\/CAD Corrects After 3 Consecutive Bullish Sessions - 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\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\/\" \/>\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\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/CAD Corrects After 3 Consecutive Bullish Sessions\",\"datePublished\":\"2020-04-16T11:46:32+00:00\",\"dateModified\":\"2020-04-16T13:03:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/\"},\"wordCount\":356,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/gbp-cad-surges-as-uk-avoids-recession.jpg\",\"keywords\":[\"Bank of Canada\",\"cad\",\"gbp\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103049-gbp-cad-corrects-after-3-consecutive-bullish-sessions\\\/\",\"name\":\"GBP\\\/CAD Corrects After 3 Consecutive Bullish Sessions - 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