Canada continues to struggle due to its Alberta wildfire shut down its oil plants last week. With increasing oil prices it could only be a matter of time until we see CAD strength. You can view our live exchange rate page for up to date rates.
The oil prices have started to turn a corner of late but the Canadian Dollar is still having a tough time against Sterling and not showing a great deal of improvement.
The Canadian Dollar can be impacted quite greatly on oil price movements but I feel that although the oil price has made a bit of a recovery the oil industry as a whole still has many steps to climb on the ladder of recovery.
As mentioned in my report on the USD, we have the Oil Rig Count due out this evening and after the dire figures we got at the last count this may still confirm that there are less than half the oil rigs in operation now than we had this time last year.
Canadian Inflation this afternoon.
Later this afternoon at 13:30pm we have the latest Canadian inflation figures, these are expected to have dropped to 2% from 2.1%.
I do not expect this to have a great deal of impact on the market but any alteration to expectations could lead to a volatile afternoon for Canadian Dollar exchange rates. Personally I would not rule out a move up to 1.94 if the remain camp continue their charge, inflation does drop and the rig count doesn’t show any improvement.
GBPCAD rates are strong currently, but with expectations for oil prices to rise, this usually correlates to a stronger Loonie. In the event you have requirements to purchase CAD, call our trading floor on 01494 725 353 or email me here for more information.
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