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We have seen GBP/CAD exchange rates fall away throughout the day, from highs around 1.642 to recent lows of 1.633.
Both USD/CAD and EUR/CAD remained fairly flat throughout the day’s trading, around 1.34 and 1.4180 respectively.
Overall we have seen the Canadian dollar strengthen off the back of good economic numbers today, making it more expensive to buy.
GBP/CAD exchange rate graph
Canadian Trade Balance Beats Forecast
Today’s Canadian trade balance figures were forecast to show mild growth of 0.2bn. The actual figures showed a large improvement of 0.8bn. This shows Canada exported a greater value of goods than it imported, bringing more money into the country and strengthening CAD off the back of this.
What will move the exchange rates next?
Tomorrow we have the latest building permits from Canada. Although these will not have the power to move the exchange rates too far, they are a very good gauge of future construction activity.
The Crude Oil inventories will be key to the price of the Loonie, as Canada’s main export has had a rough ride in recent times. A huge glut in supplies caused a crash in price per barrel and the Canadian economy suffered hugely.
The UK will be releasing its annual budget report. This is likely to be overshadowed by today’s House of Lords decision on the Brexit bill. If they chose to send the bill back for further amendments, it is likely to have a bad effect on the pound as it fuels further uncertainty, weakening the currency against its counterparts.
Using Foremost Currency Group
Using a specialist currency broker like Foremost Currency Group can save you thousands on your currency purchase. We offer commercial rates of exchange and have various contracts to suit every requirement. We allow you to lock into a rate of exchange for up to two years into the future, meaning you can budget effectively, within your timescales.
Opening a trading facility is completely free of charge and does not obligate you in any way. Just click the link to get started. Alternatively, if you just want a free quote on your currency purchase to find out how much you could save, request a free consultation or contact us directly on the details below.
T: 01442 892 060