As the markets opened in Europe today, the GBP/CAD exchange rates started climbing, before peaking just below 1.69, mid market.
This has made it a vast amount cheaper to buy the Canadian dollar. To put this into monetary terms, a typical transfer of £250,000 would see you receive over £5,000 more this afternoon, than the same trade this morning.
If you want to take advantage of these movements, get in touch with your dedicated Foremost Currency Group account manager or open a free, no obligations trading facility today.
GBP/CAD exchange rate graph
This week’s data from Canada
It is a quieter week from Canada as far as data is concerned. The first important event will be a speech by Bank of Canada Gov Poloz, at the Durham Collage in Oshawa. Any hints about the Canadian economy or future interest rate moves or stimulus packages could have a large effect on the price of the Canadian Dollar.
Thursday has some minor data in the form of RMPI and IPPI. These inflation numbers will give a good indication but not have much of an effect on markets.
It will be Friday that anyone buying or selling the Canadian dollar should watch out for, as we have the latest GDP figures. These are forecast to show mild growth but any deviation from the estimates could change the amount you pay for your currency dramatically.
Protecting your currency purchase
With so many uncertainties in the global markets at the moment, no one can say which direction the exchange rates are heading next. Here at Foremost Currency Group, we can however help protect your currency purchase if the exchange rates move against you.
With the use of “Stop” and “Limit” contracts you can target a better exchange rate than is currently available, while protecting yourself if the rates move against you.
You can also lock into a rate of exchange for up to two years into the future. This allows you to budget effectively, within your timescales.
If you would like to find out more about how we can help you, open a free, no obligations trading facility today. Alternatively, if you just want a free quote on your currency purchase to find out how much you could save, request a free consultation.
T: 01442 892 060