This CAD report will examine the factors that could affect Canadian Dollar exchange rates in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low yesterday. For current live exchange rates click here.
|Currency Pair||% Change||Difference on £200,000|
The Canadian Dollar continues to maintain the higher ground after the recent interest rate increase by the Bank of Canada taking levels from 0.5% to 0.75%. Not only this but the Dollar has found additional support this week after manufacturing data impressed the markets with increased manufacturing shipments from Canada signalling a buoyant economy.
Still on a roll the price of oil has also been climbing which is yet another positive for the Dollar. Oil prices rose to a six-week high earlier in the week and spikes likes these are generally good for the Loonie.
If economic data continues to impress then then the Bank of Canada are widely expected to hike interest rates one more time this year which should help give considerable support to the Canadian Dollar going forward.
The Canadian Dollar could see a particularly volatile period in August as it has been announced that the North Atlantic Free Trade Agreement (NAFTA) renegotiation will commence 16th - 20th August. Both Canada and the US recently became embroiled in a trade tussle over Canadian lumber exported to the US. The dispute was resolved by placing tariffs on Canadian exports. Any additional tariffs imposed by the US on Canada could see the Canadian Dollar come under pressure and some sectors such as dairy are expected to come under the spotlight. A tougher deal for Canada could see some difficult times for the Loonie ahead. The process will take time though with trade negotiations expected to be concluded in Spring 2018.
Canadian retail sales numbers for June are released this afternoon and are expected to show a small drop from the previous month. A weak number today could see the Dollar lose some of its recent gains. The other important release is Consumer Price Index inflation numbers from the Bank of Canada which could see additional volatility for the Dollar.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me at email@example.com.
James and his colleagues are always courteous and helpful. I have also never been able to find rates of exchange that are more competitive. I am particularly impressed with the service, as I am not in the habit of transferring massive amounts!
As always a really quick and easy transaction. James is very knowledgeable and helpful. Great rates.
Always helpful and they always give rates at the very top of the range. Quick transfers to our french bank account – highly recommended. Well done James Lovick 😉