T: 01442 892 060
E: [email protected]
After an exceedingly volatile week in the currency markets, as you will see from the graph below, Sterling took the brunt of the bad news and fell away against the Canadian Dollar.
If you are looking to sell your Canadian Dollars, this may be the time to bite the bullet, as prices are now trading in the 1.90s for the first time in months. Open a trading facility today and take advantage of the movement in your favour. For every $100,000 you would receive around an extra £1700 this week compared to last.
Today we have seen the latest Retail Sales from both Canada and the UK, as well as Core CPI from Canada and Public Sector net borrowing. The UK saw a vast improvement as it came in at a positive 2.3% growth, compared to the 0.8% forecast and -1.4% on the previous reading. Canada on the other hand failed to hit their forecasts and showed a negative -1.6%.
This caused the GBP/CAD exchange rates to climb towards 2.000 once again, although it will take some good news from the UK to push through this barrier again.
GBP/CAD weekly graph
Will the UK vote in or out?
Whether or not the UK will vote to stay or leave the UK, is far from being decided. The negotiations look to go on far into the weekend, however may move the exchange rates dramatically. If Mr Cameron can negotiate a good deal for Britain this weekend, this will give his party the confidence to campaign to stay in the EU. If however talks fall apart and they fail to reach an agreement, he will have trouble convincing everyone to vote to stay.
Do you need to buy or sell a currency?
Whatever the outcome of this weekend’s negotiations, we are likely to see a great deal of volatility in the exchange rates over the coming weeks. If you have an up and coming requirement, get in touch today and speak with one of our specialists about how these events may effect the price you pay.
We offer very competitive exchange rates and have various contracts to suit every need. Opening a trading facility does not cost you anything or obligate you in any way and only takes a couple of minutes online.