The Canadian Dollar strengthened against the Pound during yesterday’s trading session, providing CAD sellers with the best opportunity to take advantage of in over three years. This CAD strength can be attributed to the rise in oil prices after Russian President Vladimir Putin announced at the World Energy Congress in Istanbul, that Russia is ready to reduce the production of oil, urging other oil exporters to do the same.
This follows the recent OPEC (Organisation of the Petroleum Exporting Countries) vote to cut oil production in an attempt to drive the price of oil back up again, something which hasn’t been done in 8 years. Oil prices soared as a result of this, with Brent Crude oil reaching a 52 week high. The Canadian economy is heavily reliant on the price of oil as this is its largest export, and so when the price of oil rises, usually so does the CAD, and yesterday was no exception.
The Canadian economy appears to be rebounding after a turbulent second quarter, after employment figures for September were released last week showing an additional 67,000 new jobs being created, the largest gain in 4 years. Housing data will be released this afternoon at 1.15pm and will provide information on the number of new family homes and buildings being constructed in September compared to the same time in the previous year, and this figure is also expected to improve. If this is the case, we could see further CAD strength, therefore any clients looking to buy CAD with Sterling may wish to make a transfer before this announcement, or take advantage of one of our contract options to limit their exposure to the markets. Please feel free to contact us today to discuss the many options available to you.
The Canadian Dollar could strengthen with the price of oil in the weeks ahead. If you have a requirement for Canadian Dollars, speak to our team today on 01494 725 353 to find out more.
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