T: 01442 892 060
Today we have seen the sterling to Canadian dollar exchange rates fall away from highs well over 1.63 to recent lows of 1.622.
If you have an up and coming CAD purchase, this has made it more expensive for you. Using a specialist currency broker like Foremost Currency Group can not only help you achieve a much better exchange rate but we can be your eyes and ears in the currency markets. Your dedicated Foremost Currency Group account manager can keep you aware of any up and coming events that may affect the amount you pay for you currency.
Request a consultation to discuss your individual requirements or open a free, no obligations trading facility today.
GBP/CAD exchange rate graph
Manufacturing boost for Canada
Today we saw the first meaningful Canadian data of the week in the form of the latest Manufacturing sales. These were forecast to show good growth of 1.4% but when the actual figures came in at 2.3%, the GBP/CAD exchange rates fell away.
This coupled with a raft of positive data from the US (Canada’s largest customer) has helped strengthen the Loonie, as it tends to track the USD.
Chance of UK interest rate declines
The pound found strength recently when there were hints of an interest rate rise. With the latest inflation and wage growth figures, the chances of a rate hike have declined and the pound has fallen off the back of this news.
Buying Canadian Dollars
Using Foremost Currency Group for your currency purchase can save you thousands. We offer much better exchange rates than your high street bank or bureau de change.
We have various contracts to suit every need, so whether you are buying a property abroad, paying foreign suppliers or just topping up your overseas account, we can help you save money.
Opening a trading facility does not cost or obligate you in any way an only takes a few minutes online.
Alternatively, if you just want a free quote on your currency purchase or would like discuss your requirements, contact me on the details below or complete the enquiry form.
T: 01442 892 060