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|
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.
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.
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