Canadian Dollar exchange rates
As you will see from the Graph below the Sterling to Canadian Dollar exchange rates have taken a tumble today, making it a lot more expensive to by the Loonie. In today’s report, let’s look at what has caused these movements and what you can do minimise the damage, if you have an up and coming currency purchase.
Interest rates are the lowest in the Bank of England’s 322 year history
As regular readers will know, I have to eat my words today. What will be no surprise to many people however is that the Bank of England have slashed the UK interest rates in half to the record low of 0.25% . Interest rates are the lowest in the Bank of England’s 322 Year history. BoE Gov Carney also suggested this may not be the last cut we see before end of the year, as they have had the largest cut in there growth forecast since 1993.
This caused the GBP-CAD exchange rates to fall dramatically from 1.75 yesterday to lows of around 1.71 this afternoon, following the announcement. To put this movement into real terms a typical transfer of £200,000 would see you receive around £8000 CAD less than the same trade yesterday.
What should I do if I have to buy the Canadian Dollar?
If you have an up and coming Canadian Dollar purchase and are worried that the exchange rates may fall further, get in touch today. Your dedicated account manager can take you through all the options available to you, and find the best solution for your individual needs.
We offer various contracts that allow you to target a better rate than may be currently available, while protecting your self if he rates fall further. You can also lock into a rate of exchange for up to two years into the future, allowing you to budget effectively, within your timescales.
Opening an account does not cost of obligate you in any way and only takes a few minutes online. Click the link to get started. Alternatively, if you want to find out more about how we can help or just a free quote on your currency purchase, contact me directly on the details below or complete the enquiry form.
T: 01442 892 060