Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements during trading hours yesterday affecting your return in CAD when buying £200,000.00:
|Currency Pair||% Change||Difference on £200,000|
The Canadian Dollar has so far enjoyed a prosperous start to November. At the turn of the month, the GBPCAD rate was trading around 1.71, however this month has seen a strengthening in the GBPCAD rate by nearly 4 cents, with the month low thus far around 1.66. Well informed clients timing this correctly would have saved over CAD$3500.
However, Monday proved to be a difficult day for the Canadian Dollar as the markets became increasingly aware of the mounting tensions in the US regarding the tax overhaul. During times of increased risk or volatility investors will often draw their funds from riskier currencies such as the CAD and this was evident yesterday.
On top of this, top speakers from the world’s leading central banks are due to speak this week which has increased global risk appetite and as a result the Canadian Dollar has suffered, but only slightly.
On a positive note and something that would boost investors’ appetite for the CAD are the fact that oil prices are starting to increase which would in theory help to strengthen the dollar even further.
The most significant data releases this week from Canada is inflation data or Consumer Price Index Data on Friday, which is expected to have eased ever so slightly back to 1.4% from 1.6% from the previous month. This set of data is likely to set the tone as to whether the Bank of Canada look at raising interest rates again in their last meeting of the year on December 6th. I would expect the Canadian Dollar to be at the mercy of global events for much of this week.
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