CAD strengthens after GDP figures

Canadian Dollar forecast

It has been a big day for both sides of the Sterling to Canadian Dollar cross with some influential data having some unexpected results. In the last 24 hours the GBP/CAD exchange rates have dropped off dramatically to around 1.8480 at the lows.

This fall in exchange rates has made it a lot more expensive to buy the Loonie today and there is a chance they could fall a lot further. If you have an up and coming currency requirement, complete the enquiry form or contact me directly to find out how we can help you save money on your foreign exchange needs.

GBP/CAD graph

CAD strengthens after GDP figures

UK trade deficit widens

This morning the latest Current Account figures were realised from the UK. This shows the difference between imported and exported goods for the previous quarter. They were forecast to show a deficit of -21.1Bn but when the actual numbers were released at a record high of -32.7Bn, the Pound weakened and started to slide away against its counterparts, making it more expensive to move money out of Sterling.

The only good news for Sterling was the final GDP figures were revised upwards slightly, muting the effect of the trade deficit.

CAD strengthens after GDP figures

The Canadian Dollar had a well needed boost today, when we saw the release of the latest GDP figures. The forecast was for a positive 0.3% but when the actual numbers were released at double that, 0.6% the Canadian Dollar strengthened against both the US Dollar and Sterling.

After the poor news for the Pound this morning, this helped push the GBP/CAD rates further to the daily lows of around 1.8480.

Buying a foreign currency

If you have an up and coming currency requirement, get in touch today. We offer exchange rates up to 5% better than the high street banks and allow you to lock into a rate of exchange for up to two years into the future. This allows you to budget effectively, within your time scales.

Opening a trading account does not cost or obligate you in any way and only takes a couple of minutes online. Just click the link to get started. Alternatively, if you just want a free quote on your currency purchase, contact me directly on the details below.
Richard BeaumontWritten by:
Richard Beaumont
T: 01442 892 060