The Canadian Dollar is feeling the effects of international tariffs put in place by Trump, if Saudi Arabia reduces the prices of crude oil sent to Asia this could have a further negative impact on the CAD. The below table shows the difference in Canadian Dollars you could have achieved when buying £200,00.00 during the high and low points during trading yesterday.
|Currency Pair||% Change||Difference on £200,000|
The Canadian Dollar fell to an 11-day low earlier this week against the US Dollar, as fears of a trade war are having a negative effect on the commodity based currency.
The reason for the Loonie losing value cannot be put down solely to Canadian specific reasons, but rather fears surrounding the global economy as the US and China’s potential trade war heats up.
There are expectations that Saudi Arabia will reduce the prices of crude oil it sends to Asia which could also have a negative impact on CAD’s value, as oil is one of its main exports.
So far this year the Pound has gained 6.5% against the Loonie, making a CAD 200,000 purchase £7,226.83 cheaper. Those of our readers still planning on exchanging their Pounds into CAD should be weary that a positive breakthrough for NAFTA negotiations could result in a boost to CAD’s value, so looking into the current levels may be a good idea for those of a risk adverse nature. The latest on this subject is Trump wants to tie immigration laws to the arrangement, and that he wants a preliminary deal drawn up by the middle of this month.
Although the Canadian Dollar is mostly being affected by external influences at the moment, there is a lot of data this week that could impact CAD exchange rates.
At 1.30pm on Thursday there will be the release of import and export data which is important to CAD value due to Canada being an export driven economy.
Then on Friday at the same time there will be the release of the Participation rate along with Employment data. The Participation rate covers how many people of labour force age are actually in the labour force, and the employment data will measure the change in the number of people actually employed in Canada. Do feel free to get in touch if you wish to discuss any upcoming currency requirements you have involving CAD.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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