This CAD update examines factors that could affect Canadian Dollar exchange rates in the short-term.
Later this afternoon we have the latest GDP figures being released for the Canadian Dollar. This is expected to show an improvement and will probably add further value making the Canadian Dollar (CAD) more expensive to buy.
The improvement will also mean that a rate cut becomes almost completely off the table for the Bank of Canada who meets tomorrow for their latest policy decision. Traders will still be keenly watching this event however for the commentary from the Bank on the state of their economy. They normally touch on the relationship with the US as well as their currency’s value.
Anyone with CAD to trade should also be watching out for commentary on oil prices as this is one of the largest driving factors of their economy and therefore value. We also have an OPEC meeting on Friday which again changes market values as we hear more updates from the newly accessible stock from Iran.
My personal expectation is that the CAD will become more expensive to buy throughout the week, meaning that buyers may be wise to move sooner rather than later. The OPEC meeting is the event for CAD buyers to hope for as if we see a fall in oil prices expect the same impact to reach the CAD.
For further CAD exchange rate news, or information about sending money to Canada, please email me at firstname.lastname@example.org.
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