Last night the governor of the Bank of Canada (BoC) said thee central bank will proceed “cautiously” with additional interest rate rises. The economic situation is less certain and inflation “surprisingly soft”. Many had expected an additional rate rise in 2017 but this is now less likely. The BoC have lifted interest rates twice this year, once in July and earlier this month. While monetary policy is data-dependent and therefore subject to change, this fresh assessment does help GBPCAD move higher.

GBPCAD has gained over 5% since the 4th of Sept.