The Canadian dollar is climbing after the economy added more jobs than expected in September, lowering the likelihood of an outsized rate cut at the Bank of Canada’s upcoming meeting.
The Pound is prone to further short-term weakness against the Canadian Dollar in the near term.
"The Canadian dollar is acting like a petrocurrency once again, but we don’t think this will last," says Karl Schamotta, Chief Market Strategist at Corpay.
The Canadian Dollar could strengthen if the conflict in the Middle East intensifies.