Over the past 24 hours the Sterling to Canadian Dollar exchange rates have risen from 1.6650 to highs around 1.68 mid market.
To put this movement into monetary terms, a typical purchase of $200,000 CAD would cost you over £1,000 less today, than the same time yesterday.
USD/CAD and EUR/CAD both rose around half a point to 1.3450 and 1.4350 respectively.
GBP/CAD exchange rate graph
What is moving exchange rates?
Today’s building permits missed the estimates of 1.7% and actually showed a contraction of 2.5%. This points towards a slowing construction sector, weakening the Loonie against its counterparts.
Tomorrow will be the day to watch out for as we have the latest employment change and unemployment numbers. These will give a very good indication of the health of the Canadian economy.
Unemployment is expected to increase which would be bad news for the CAD. If the numbers stay at 6.6%, the CAD should strengthen once again.
How FCG can help
Using Foremost Currency Group could save you thousands on your currency purchase. We offer very competitive exchange rates and have various contracts to suit every requirement. Whether you are buying a property abroad, paying foreign suppliers or just topping up an overseas account, we can help save you money.
Opening a trading facility with Foremost Currency Group does not cost or obligate you in any way and only takes a few minutes online.
Alternatively, if you would just like a free quote on your currency purchase to find out how much you could save, request a free consultation today or contact us directly on the details below.
T: 01442 892 060