This Canadian Dollar report will examine the factors that could affect exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low for the past week.

This week one of the most anticipated data releases will be the Bank of Canada’s interest rate decision. Last week the BoC Governor Stephen Poloz suggested that low interest rates had now done their job raising speculation that an interest rate hike is coming.

At 16.00 on Wednesday a statement will be released and I believe they will raise interest rates from 0.5% to 0.75%. Last week the latest trade data in Canada showed record levels for both imports and exports for the month of May. Furthermore, the Canadian economy has bounced back from the low oil prices seen this time last year.

The release will be followed by a press conference from Poloz who will provide the monetary policy committee’s thoughts. If there wasn’t to be an interest rate hike then it’s likely he would set up a rate hike at the next meeting. The GBP/CAD rate has recently dropped to a three-month low, mainly down to the uncertainty surrounding Sterling.

Thank you for reading today’s CAD report, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than happy to assist you with any of your currency requirements. feel free to get in touch here.

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.