Pound Slips as Oil Prices Weigh on Loonie

The Pound to Canadian Dollar exchange rate is expected to remain under pressure due to softer oil prices. The commodity-linked 'Loonie' has been affected by the decline in Brent crude, which hovered around US$83 a barrel on Tuesday morning.

At the time of writing, GBP/CAD was trading around CA$1.8872, with no significant changes recorded over the day. Despite this stability, the Canadian Dollar's trajectory is likely to be influenced by oil price movements.

The UK economy, which is closely tied to energy exports, has seen its services sector return to growth at the start of the third quarter. The final services PMI survey is expected to confirm this trend, which could support the Pound's value against the Canadian Dollar.