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The Canadian dollar remains the best performing currency in the developed world this year and is now likely to spend the coming months trading within a new, higher range against its US rival and other currencies.

Currency Pair% Change (Month)Difference on £200,000
GBPCAD3.45%CAD $12,000
CAD has been feeding of strength from US Oil sanctions

The GBP/CAD has been under pressure from growing Brexit drama, however there could be a bounce back for the CAD as Brexit fears continue to cause the pound to weaken against all major currencies. The CAD has been feeding off strength from US Oil sanctions and increased global tension had put a dampener on the loonie.

As Canada is a commodity-based exports economy they have been hit by the constant changes in global demand with oil prices fluctuating. Canada’s-prosperous oil sands are hurting. Canada has the reserves and the demand, but no way to get their oil to market, with their limited number of pipelines already running at full capacity and storage tanks filled to bursting.

Today’s speech from Bank of Canada deputy Governor Lawrence Schembri and June 19 inflation report pose a potential risk to the Loonie's position because they could call into the question the market's view that Canadian interest rates will remain unchanged this year rather than being cut.

CAD data this week

Consumer Price Index figures for the month are out on Wednesday this week and are expected to drop by 0.2% for MoM, but expected to show a growth in the YoY figures by 0.2%. Retails sales for the month are out on Friday; if we see any deviations from these figures be sure the markets will react as such so be sure to get in touch with your account manager to discuss your options if you have a CAD requirement.

News

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After a troubled start to the week for Sterling due to Boris Johnson's hospitalisation, the pound has recovered some losses following news that the PM was sitting up and in good spirits.

By Jonathan Sherman
GBP Exchange Rates Continue to Be Influenced by Coronavirus

Will the Bank of England join the Fed in cutting interest rates?

Markets are starting to price in the Bank Of England following in the footsteps of the Federal Reserve's surprise rate cut on Tuesday.

By Royston Howell
Oil exposure proving tricky

Pound to Canadian Dollar Exchange Rate Hits 6-Month High, Then Falls Back

Sterling made gains against the Canadian dollar earlier on this week, only to fall back when the possibility of a hung Parliament in the UK became evident.

By Daniel Wright
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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.