Canadian Dollar rates

Richard BeaumontWritten by:
Richard Beaumont
T: 01442 892 060

Canadian Dollar cheaper to buy

Despite only some minor data out yesterday, the GBP/CAD exchange rates continued on a volatile path, with trading up around a point and a half from yesterday morning. Despite some much better than expected housing starts numbers from Canada, the much worse than expected building permits held the Loonie back from making any real gains against sterling or the US dollar.

The main driver of the GBP/CAD exchange rates was news from the UK. The governor of the Bank of England, Mark Carney, along with his Deputy Jon Cunliffe, spoke before a parliamentary committee to discuss the UK’s EU membership. He tried not to take a side in the argument but it was clear to anyone reading between the lines, that he believed it would pose a great danger on the recovery of the UK economy.

GBP/CAD 24 hour graph

Canadian Dollar rates

Today’s Canadian Dollar rates

If you have an up and coming Canadian Dollar purchase, today could change the amount you pay considerably. We have already had the latest Manufacturing and Industrial Production figures from the UK. Although Industrial Production failed to reach the forecast figure by a small margin, the more important Manufacturing Production smashed the estimates of 0.2% and actually came in at 0.7% growth.

This has caused the GBP/CAD exchange rates to climb this morning to well above 1.9050, making it cheaper to buy the Loonie.

Later today the Bank of Canada will announce its interest rate decision and accompanying statement. This interest rates are likely to be kept on hold but there is always a change they could be reduced further. Given the promising figures out from Canada recently and the recovery in oil prices, this would be very unlikely.

Lastly we have Crude Oil inventories from the US. Given the glut in oil production causing the record low prices recently, any improvement in this would be seen as a positive and be good for the Canadian Dollar, making it more expensive to buy.

How to make the most of my money

If you need to move from one currency to another, with such uncertain times, it can be hard to choose the best time to do so. We can help keep you up to date with the latest news effecting your currency purchase and give you all the information you require to make an informed decision about when to buy your currency.

If you have future requirements and need to budget, we allow you to lock into a rate of exchange for up to two years into the future. This means you know exactly what you are getting, regardless of market movement.

Opening a trading facility does not cost or obligate you in any way and only takes a few minutes online. Alternatively, if you just want a free quote on your currency purchase, contact myself directly on the details below or complete the enquiry form.

Richard Beaumont
T: 01442 892 060