This Canadian Dollar report will examine the factors that could affect exchange rates in the short term for those looking to transfer funds to CAD. 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 has strengthened significantly against the pound following the recent interest hike from 0.5% to 0.75%. We have recently seen a rise in Consumer Price Index (CPI) data. CPI measures changes in the price level of a basket of goods and services purchased by households, it is a key measure of inflation.
This was one of the catalysts for the Canadian dollar strengthening over Sterling now GBP/CAD sits in the 1.60s, which is the best levels for Canadian sellers since January. Since May the Canadian Dollar has moved from strength to strength it is not just the terrible state of affairs in the UK which is causing CAD strength.
There could indeed be further interest hikes from the Bank of Canada as growth continues. The expectations of a further rate hikes and higher oil prices definitely bodes well for the Loonie.
GDP data released on Thursday could cause further gains for the Canadian Dollar
Gross Domestic Product (GDP) is a measurement of the total value of all goods and services produced by the country in question. GDP is considered as the broadest measure of Canadian economic activity and health. This release does have the ability to move markets and I would be surprised to see a decline.
If you have to buy Canadian Dollars with Sterling it may be wise to take advantage of current levels as there is little basis for any significant rally at present. Even if you have a long time scale on your trade, sterling weakening against the Canadian Dollar could continue for the foreseeable future you should be considering purchasing as rates sit.
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