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Thinking of trading GBPCAD?

    1. Due to the GBP being a reserve currency and a much bigger economy than the CAD, traders might find trading this pair somewhat advantageous. Because of the CAD being less widely traded, it might find itself less vulnerable to speculation and less likely to swing in political sentiment. 2. By simply following economic calendars you can find an important amount of information regarding events that will influence the price of the CAD. And for the fact that the two used to be correlated in the past due to the connection of the two countries, it would be quite a simple pair to trade. Moreover the pair is considered a heavy trade.
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GBP/CAD is another pairing of a major currency with one that's not a major. The GBP is obviously the major here. The resulting pair is not a major, nor is it a commodity pair. GBP/CAD represents the number of CAD it takes to purchase a GBP. As the AUD, the Canadian dollar substituted the Canadian pound. This changed was rolled out in the 1850s. The Canadian dollar used to be pegged to the USD but since 1970, it has been a free-floating currency controlled by the Bank of Canada. Due to Canada's large oil industry, a correlations worth noticing when trading the pair is the relationship with commodities such as Oil.The British Pound is currently the oldest currency in circulation and it is also one of the strongest currencies in the world. Its strength stems from a unique combination of factors. On one hand, London is indeed the financial capital of the world, on the other, the raw size of the British economy is also massive.The Canadian Dollar may not be a proper major, but it is indeed among the most traded currencies in the world. In fact, it is the 7th in this regard. The economy backing it is a commodity-based one, which is the 10th largest in the world. Owing to the image of a loon on the one-dollar coin, the currency is sometimes referred to as the loonie by English-speaking Canadians and foreign exchange traders and analysts.

1. For the CAD, you should monitor the OPEC meetings decisions, US rigs weekly data and number of inventories. An increase in oil price helps the Canadian dollar to get strength. It is also worth mentioning that Canada has only one purchasing managers Index, the Ivey PMI, that is considered to be a direct reflection of the country's economic health. 2. Another factor traders need to be mindful of is the political turmoil in the UK which can influence heavily on the GBP price, pushing the pair either direction depending on market sentiment and political events. It is important for traders to not lose sight of any news regarding the Brexit.