The pound has fallen today in anticipation of Article 50 being triggered. Over the past 24 hours we have seen mid-market prices move from highs just below 1.69 to recent lows of 1.6570. To put this into monetary terms, a typical transfer of £250,000 would see you receive over $8,000 CAD less this afternoon, than the same trade yesterday.
If you would like to discuss how these may have effected your currency purchase, request a free consultation today.
GBP/CAD exchange rate graph
Crude Oil and the CAD
Today we had the latest Crude Oil inventories. These missed forecasts by a narrow margin but given the increase of 5M barrels last month, this was expected to show a more timid number.
The oil markets do seem to be stabilising recently and prices starting to recover, all be it very slowly. This may start to have a positive effect on the Loonie over time but will not be seen for some time to come.
What is affecting the CAD exchange rates tomorrow?
There is some minor inflation data from Canada tomorrow but these are unlikely to have a large affect in the price of the CAD. What is likely to have a large effect is the ongoing reaction from the triggering of Article 50 in the UK and the GBP and Unemployment numbers from the US.
If you wish to find out how these releases may affect your currency purchase get in touch today.
How to buy your currency
Using Foremost Currency Group could save you thousands on your currency purchase. We offer very competitive exchange rates and have various contracts to suit every requirement. Whether you are buying a property abroad, paying foreign suppliers or just topping up an overseas account, we can help save you money.
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.
T: 01442 892 060