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March 2, 2021 - Written by John Cameron
GBP/CAD Exchange Rate Rangebound as UK House Prices Rise in February
The Pound to Canadian Dollar (GBP/CAD) exchange rate held steady today as the search for the UK’s missing Brazilian Covid-19 variant is narrowed down to the south-east. The pairing is currently fluctuating around CA$1.76.
As a result, Sterling investors are remaining cautious as the Brazilian variant could cause a problem for the effectiveness of the UK’s Covid-19 vaccination further down the line.
According to researchers, the original variant was found in Manaus Brazil and can evade 25% to 61% of the protection of people living in the Amazonian city.
GBP/USD Video 26.02.21.
U.S. Dollar Gains Ground Against British Pound
GBP/USD continues to pull back from recent highs and is trying to settle below the support at 1.3950 while the U.S. dollar is gaining ground against a broad basket of currencies.
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The U.S. Dollar Index is currently trying to settle above the resistance level at 90.30. If this attempt is successful, the U.S. Dollar Index will head towards the next resistance at 90.50 which will be bearish for GBP/USD.
Today, foreign exchange market traders will have a chance to take a look at UK Nationwide Housing Prices data for February. Analysts expect that housing prices increased by 0.2% month-over-month. On a year-over-year basis, housing prices are projected to grow by 6.5%.