Pound Under Pressure as Oil Prices Soar

The Pound to Canadian Dollar exchange rate has been affected by rising oil prices and softer Canadian inflation.

Oil prices have surged due to escalating tensions in the Middle East, which has supported the Loonie. However, the 'Loonie' struggled to sustain its upside following slightly softer-than-forecast Canadian inflation figures.

The Bank of Canada's key inflation measures remained close to target, dampening bets that the central bank might take a more hawkish approach.

Looking ahead, Tuesday's UK employment figures could set the tone for Sterling. If the jobs market shows signs of softening, the Pound may come under pressure, particularly with the Bank of England's interest rate decision due later in the week.