Forex: GBP/CAD bouncing off lows, around 1.5880 (Barcelona) - Increasing risk aversion coupled with poor data out of the Canadian trade deficit during November ($1.96 billion vs. $0.6 billion exp.) are pushing GBP/CAD off recent session lows in the proximities of 1.5840

Stephen Hughes, Director of, commented, “As Bank of Canada Governor Mark Carney replaces Sir Mervin King it will be interesting to see how the relative economies fare. We could see GBP/CAD rates ranging between 1.55-1.60 for the first two quarters of 2013. However, the CAD has the opportunity to move past this level as its growth forecasts are stronger than those of the UK for 2013”.

As of writing, the cross is down 0.09% at 1.5884