Pound Under Pressure as Strong Canadian Data Lifts Loonie

The Pound to Canadian Dollar exchange rate ticked lower last week due to rising oil prices, which bolstered the Loonie. The GBP/CAD rate traded at CA$1.8754, down around 0.2% from the start of last week's session.

A strong rebound in Canada's GDP could continue to support the Canadian Dollar, lifting Bank of Canada rate hike expectations. This would put pressure on the Pound-Canadian Dollar exchange rate.

In terms of domestic data, the Canadian Dollar was seemingly unfazed by a stronger-than-expected inflation print and sizable contraction in Canadian retail sales.