This Canadian Dollar report will examine the factors that could affect exchange rates this week to help you stay informed for a potential currency transfer. The table below shows the difference you would have received when buying £200,000 at the high and low rates over the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
With sterling yesterday gaining almost 1% against the CAD I believe with a positive election result we could see rate break the 1.75 level and push even further through this special threshold. At the time of writing this report GBP/CAD levels were sat at 1.7498. It was only a few weeks ago I had clients asking me if 1.80 was a realistic trading level, however with sterling recently having negative inflation data and also suffering from numerous terrorist attacks sterling strength has taken a hit in recent weeks. In my view, a positive result over the next 24hrs could really help drive the levels back up towards the 1.80 mark.
On Friday we have a few key points of data out – Baker Hughes Oil rig count (impacts CAD due to oil production) and the unemployment rate. Unemployment rate is expected to rise to 6.6% from 6.5% so if this is the case then we may see CAD weakness late on Friday afternoon this may be stemmed depending on the result of the election, but those with a CAD requirement it is a very important time to be in contact with your account broker and make sure you are being kept up to date with everything that is going on and any potential spikes we may see in the market.
With a lot of movement expected over the coming week in the currency markets and key data releases outside of normal trading hours a limit order is a important tool clients can use to make sure you benefit from trading levels outside of working hours. Very simple once a level is hit within the markets at whatever time of day your currency will be purchased automatically. Please do be in contact with your account broker to discuss any requirements you may have.
Thank you for reading my Canadian Dollar report, if you have any questions about an upcoming transfers I would be glad discuss them – you can contact me here.
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