T: 01442 892 060
GBP/CAD exchange rates
It has been a very quiet week as far as data is concerned for the Canadian Dollar but this hasn’t stopped the exchange rates moving around.
In the last week alone, we have seen over a three point movement in the GBP/CAD exchange rates. To put this into monetary terms, a typical transfer of £200,000 would see you receive a difference of $6000 between the highs and lows of the last few days.
The only event of note so far this week, was a speech by Bank of Canada Governor, Poloz. This had a pessimistic tone and weekend off the Loonie against a basket of major currencies, including Sterling.
Friday we will see the first meaningful data of the week from Canada, in the form of the monthly GDP figures. This shows the total change in inflation adjusted value of all the goods and services produced by the Canadian economy over the last month.
Canada is unique in this respect because they release their GDP figures on a monthly, as well as a quarterly, basis. This does make monitoring the health of the economy a lot easier.
Despite the previous figure showing a positive 0.6%, this months forecast is for a negative -0.1%. If the figures do slip into negative territory, we could see the Canadian exchange rates rise, as it becomes cheaper to buy.
Do you want the best exchange rates?
If you have an up and coming foreign currency payment, using a specialist company like the Foremost Currency Group can save you up to 5% compared to your banks or bureau de change.
We offer various contracts to suit every requirement and our team of dedicated brokers can guide you through the whole process from start to finish. Opening a trading facility does not cost or obligate you in any way and only takes a couple of minutes online, just click the link to get started.
Alternatively, if you just want a free quote on your currency purchase, complete the enquiry form or contact me directly on the details below.
T: 01442 892 060