This Canadian Dollar report will address the factors that are likely to affect exchange rates in the coming weeks if you are buying abroad or making a currency transfer. The below table shows the difference in Canadian Dollars you would have achieved when buying £200,000 over the past month.
|Currency Pair||% Change||Difference on £200,000|
The Canadian Economy has been going from strength to strength lately, remaining close to an 8-month high against the Pound, caused by positive recent economic data releases including strong inflation, and a boost in oil prices. Trading at the current levels has meant an additional £11,000 on a €200,000 transfer now compared to the lowest levels in May.
The annual Inflation rate in July rose to 1.2% compares to June’s lowest reading of 1% in 20 months and the Bank of Canada hiked Interest rates in July for the first time in almost 7 years. It is also predicted that the BoC could raise rates again in October.
The CAD weakened yesterday afternoon against the Pound, Euro and US Dollar, after a decline was announced in Wholesale sales in June, falling by 0.5% following 8 consecutive months of growth. 5 out of 7 sectors showed losses including food and beverages, and motor vehicles and parts. This afternoon we also have the release of Retail sales figures, and if these follow suit then we could see another window of opportunity for clients looking to purchase Canadian Dollars. Getting in touch with us ahead of this announcement can enable us to help you to transfer your funds at the best possible time.
For more information on how future data releases could affect your CAD requirement currency requirement, call our trading floor on 01494 725 353 or email me here.