EUR/CAD rises after first round of the French election

On Sunday we saw the results of the first round of the French election. This put the outsider Macron well ahead of the Far left, Marine Le pen, which was seen as good news for the Euro. A Le Pen victory could possibly put an end to the single currency.

As markets opened the EUR/CAD exchange rates reacted quickly, reaching highs well over 1.47 before settling around 1.46, mid market.

Up and coming data effecting the price of CAD

This week is kicked off with the first Canadian Data of the week in the form of Wholesale Sales. These were forecast to show growth of 2.1% but came in at a negative -0.2%. This did little to move exchange rates as political news from oversees overshadowed any economic data.

It will not be until Wednesday we will see the first meaningful data affecting the price of the Loonie. This is when we will see the latest retail sales numbers. These are forecast to show good growth and could be good news for anyone selling CAD.

We end the week on Friday with the most important data from Canada in the form of GDP figures.

If you would like to find out how these may affect your currency purchase, request a free, no obligations consultation today.

Oil affecting the Price of CAD

The latest numbers show the price of Crude Oil fell in 2016 as continued pressure as high inventories due to a huge glut in supplies, has weighed heavily on the price of Black Gold.

Due to the Canadian economies reliance on it sales of Oil, this has limited the Canadian Dollar’s gains against its counterparts over the last year.

GBP/CAD exchange rate graph

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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.

Richard Beaumont - GCAD rates climbWritten by:
Richard Beaumont
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