The Canadian Dollar, in a similar fashion to the Euro has been boosted against the Pound recently although this doesn’t paint the full picture of the currency’s health. Despite losses againt other currencies. The table below shows the range of exchange rates throughout the past month, displaying the difference in return you could have achieved when selling £200,000.00.
|Currency Pair||% Change||Difference on £200,000|
The Loonie (CAD) has risen against Sterling owing to Sterling losses but CAD has also been losing value against most other major currency pairs recently.
US Crude Oil prices are now within a downward trend having dropped from around $75 per barrel a week ago down to the current levels of $67, and this has negatively impacted CAD’s value owing to the fact it’s a major export of Canada’s.
Being in the middle of a potential trade war initiated by the US isn’t helping sentiment towards the currency, and the ongoing NAFTA (North American Free Trade Agreement) is likely to weigh on the Loonie’s value for as long as takes to amend it in line with Donald Trump’s plans. Yesterday Trump once again reiterated his plans to potentially treat Mexico and Canada separately in the talks.
Moving forward I expect to see CAD continue to come under pressure owing to the many factors weighing on it at the moment.
At 1.30pm tomorrow there is a raft of data due out of Canada that could result in movement for CAD exchange rates. Retail Sales (Month on Month) will give us an idea of the health of Canada’s high streets, and Inflation data will also be released at the same time.
The Bank of Canada (BoC) last hiked rates a week ago bringing the base rate up to 1.5%. If the BoC is going to continue its bullish monetary policy, a drop in inflation levels is likely to limit the chances of another hike in the short term future. If you wish to be updated regarding these releases, do feel free to get in touch.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
Straightforward, efficient and pleasant to deal with. Have used them before and will do again. Joseph is always efficient and pleasant to deal with. The transactions are very straightforward.
Very efficient, reliable and professional service. Joseph Wright couldn’t be more helpful. Excellent company – no reservations about them.
Joseph Wright has been an excellent account manager. Joseph is very knowledgeable on events happening in the markets and kept me well informed on my transactions.
Joe Wright was efficient and very clear in explaining and effecting the transaction. He was also empathetic and never irritated by all the questions I insisted on asking. He certainly inspired confidence in your product and I will have no hesitation in recommending your services.