Sharp drop for the GBP/CAD rates

Richard BeaumontWritten by:
Richard Beaumont
T: 01442 892 060

Sharp drop for the GBP/CAD exchange rates

Today there was another sharp drop for the GBP/CAD exchange rates, after the final data releases of the week.

This has made the Loonie more expensive to buy as it gained ground against a basket of major currencies.

If you would like to protect yourself against any further falls in the exchange rates, get in touch and speak with one of our dedicated brokers about your options.

It was an important day for the Canadian Dollar as we had the latest Core CPI data and Core Retail sales. Both the Bank of Canada and traders alike will pay close attention to the Core CPI reading and this tends to have a large effect on the markets.

The CPI was forecast for a positive 0.4% But the retail Sales were less optimistic with a negative -0.8% forecast.

The actual figures came in at +0.7% and +0.2% respectively. This caused the GBP/CAD exchange rates to fall dramatically as markets reacted.

This was great news for the Canadian economy as it shows both inflation and the health of the high street are improving.

GBP/CAD Graph

Sharp drop for the GBP/CAD rates

Foreign currency payments

If you need to move money abroad, whether you are topping up an overseas account, paying foreign suppliers or buying your dream holiday home, we can help save you money. We have various contracts to suit every requirement.

Opening a trading facility is completely free of charge and does not obligate you in any way. Open an account online in just a few minutes.

Alternatively, if you just want a free quote on your currency purchase or more information about how we can help, complete the enquiry form or contact me directly on the detail below.

When should I buy my currency?

With the risk of the UK leaving the EU and an improving Canadian economy, if you have an up and coming currency requirement, it may be wise to protect yourself against any further negative movements with the use of Stops and Limits contracts. Click here for more information.

For anyone looking to sell Canadian Dollars in the near future, you would have to be very brave to ignore the movement in your favour. So far this year we have seen it move well over 10% and there is no guaranty it will stay as low as it is.

Richard Beaumont
T: 01442 892 060