T: 01442 892 060
CAD exchange rates effected by oil price recovery
The Canadian economy, along with other commodities reliant countries have been suffering for some time with the low oil and energy prices. Oil is Canada’s largest export and since the price of oil has dropped below $28 a barrel in January, the price of the Loonie fell against its counterparts making it cheaper to buy.
For the first time this year however, we have seen Brent Crude Oil break through the $40 a barrel mark, peaking at $40.83. This rise, along with a many other commodities such as iron, copper and aluminium, can be attributed to the on going talks between oil producing countries, in an effort to slow the glut in production and stem the crisis.
Contact me directly on the details below for a free quote on your currency purchase.
Data and events moving the CAD exchange rates
It has been a quiet start to the week with regards to data with only some minor economic figures out effecting the price of the Canadian Dollar. This however has not stopped the exchange rates moving around. The recovery in oil prices, the Chinese trade numbers and the on going questions about the UK’s EU membership causing the rates fluctuate between just above 1.87 to just below 1.91.
Looking at the rest of the week, things are heating up as we have some very important data from Canada that could effect the amount you pay for your currency. We kick tomorrow off with the latest interest rate decision from Canada, accompanied by the rate statement. It is widely expected for the BoC to leave rates on hold but a reduction is not entirely off the negotiating table. Any movement on this would cause a large change in the price of the Loonie.
From the US we have the latest Crude Oil Inventories. Although not from Canada, it can have a profound effect on the Loonie’s price as they are so reliant on its exports.
After some minor house price data on Thursday, Friday will see the release of Canadian employment change and the unemployment rate. These will give a good indication of the health of the high street and consumer spending figures. They are both forecast to show positive figures at 10.2K and 7.2% respectively.
If you would like further information on how these events may effect the amount you pay for you currency, complete the enquiry form.
Best way to buy your currency
If you have an up and coming currency purchase, using a specialist brokerage like Foremost Currency Group can save you up to 5% compared to your high street bank or bureau de change. We offer various contracts to suit every need and allow you to lock into a rate of exchange for up to two years into the future. This allows you to budget effectively, as you know exactly how much your property or goods may be costing you etc.
Opening a trading facility does not cost or obligate you in any way and only takes a couple of minutes online. Whether you are buying a property abroad, paying foreign suppliers or just topping up an overseas account, we can help you save money.
Alternatively, if you just want a free quote on your currency purchase, contact me directly on the details below or complete the enquiry form to speak with one of our dedicated brokers about your currency requirements.
T: 01442 892 060