This Canadian Dollar report will address the factors that are likely to affect exchange rates today if you are buying abroad or making a currency transfer. The below table shows the difference in CAD you would have achieved when buying £200,000.00 during the high and low points of the past week.
|Currency Pair||% Change||Difference on £200,000|
The Canadian dollar has been a bit of a mixed performer lately as interest rate hikes from the Bank of Canada earlier in the year saw the currency much stronger. However expectations the UK might raise interest rates and a lower price of Oil saw a quick reversal on GBPCAD rates from below 1.60 to almost 1.70. The price of Oil is also a major factor on the Canadian dollar since it is one of Canada’s biggest exports.
A rising price of Oil has also helped the currency and with the pound suffering this week, the wind is with the CAD against the pound. This afternoon is some key data on the Canadian economy with the latest Unemployment news.
After raising interest rates again last month for the second time this year it is unlikely rates will rise again soon but today’s data will be important to assess this likelihood.
Canada’s jobless rate is expected to hold at 6.2% reflecting the strength in the economy. What is often more of a market mover however is the Net Change in Employment figures as a more reflective view on what is truly happening in the Canadian job market. Expected to drop slightly from creating 22,200 jobs to creating 14,500 could see the Loonie a little weaker and provide a short term opportunity perfect for clients looking to buy Canadian dollars in the short term.
Just lately the focus on GBPCAD has turned back to the pound and the recent lack of faith in Brexit has become more of an issue for investors. GBPCAD looked like it was rising for the 1.70 but now 1.60 is looking much more of a reality.
If you have a transfer involving buying CAD with pounds, making plans in advance is very wise since generally the pound has been losing ground and economic sentiments not just with the Canadian economy, but its biggest trading partner the US have turned more positive.
If you have any transfers buying or selling Canadian dollar please get in touch to make some plans around today’s and future important events on the pairing. Feel free to contact me on 01494 725 353 or email me here.
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