The most significant data released this week for the Canadian dollar is that of Employment data, which is published at 12:30 GMT today. This data details whether or not there has been an increase in employment which, in turn, highlights the economic direction of the CAD.

Currency Pair% Change (Month)Difference on £200,000
GBPCAD3.5%CAD $12,960

An increase of this figure will mean more of the Canadian labour force are in employment and thus increased growth for the economy.Previously, unemployment figures in April were 5.7% which then fell by 0.3% in May. With these values having fallen consistently since January this year, it is expected that unemployment will continue to fall which may offer some respite for the CAD and bump gross consumer spending.

Interest rates to record lows?

Interest rate decision

Next week Wednesday the Bank of Canada (BoC) provides the Interest Rate Decision data. Based on previous trends, the interest rates have been raised steadily and consistently since mid-2017 where they were 0.5% and have rose up to 1.8% as of mid-2018 suggesting economic development for the CAD.

The interest rate is expected to either remain the same or increase to around 2% which could cause the commodity-based currency to see some well needed respite against the pound with current GBP/CAD rates at the weakest they have been all year with interbank mid-market levels at 1.641.

Should you have any concerns over the future of CAD rates, you may wish to get in contact with your account manager here to discuss the options available to you looking to the future.

Read our monthly currency forecast

Download here

News

Read more articles

 

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.