Forex: GBP/CAD bouncing off lows, around 1.5880
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GBP/CAD
FXstreet.com (Barcelona) - Increasing risk aversion coupled with poor data out of the Canadian trade deficit during November ($1.96 billion vs. $0.6 billion exp.) are pushing GBPCAD off recent session lows in the proximities of 1.5840
Stephen Hughes, Director of currencies.co.uk, commented, "As Bank of Canada Governor Mark Carney replaces Sir Mervin King it will be interesting to see how the relative economies fare. We could see GBPCAD rates ranging between 1.55-1.60 for the first two quarters of 2013. However, the CAD has the opportunity to move past this level as its growth forecasts are stronger than those of the UK for 2013".
As of writing, the cross is down 0.09% at 1.5884
Stephen Hughes, Director of currencies.co.uk, commented, "As Bank of Canada Governor Mark Carney replaces Sir Mervin King it will be interesting to see how the relative economies fare. We could see GBPCAD rates ranging between 1.55-1.60 for the first two quarters of 2013. However, the CAD has the opportunity to move past this level as its growth forecasts are stronger than those of the UK for 2013".
As of writing, the cross is down 0.09% at 1.5884
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