Interest rate decision in Canada looms. Where will the CAD rate be next week?
GBP/CAD exchange rates have been on a very volatile ride recently and if you require buying this currency you would have been happy seeing the pound gain about 3% recently. As quickly as the pound rose it weakened by 3 cents in the space of two days after. This goes to show how quickly the currency pair can move. Accelerating growth in the US boosted demand for riskier currencies and rising oil prices have supported the CAD.
The pound is back up and hovering around the 1.59 level and next week there is a big interest rate decision for Canada on Tuesday. It is unlikely that we will see a change in the rate of interest but if there are any rumours of a rate hike then you could potentially see some Canadian Dollar Strength. I think a rate rise is unlikely so it will be down to investor sentiment that will drive the currency. With rates back up recently you may find that now is a good time to secure your Canadian Dollars before we see a potential dip again back down to the 1.56 mark. We have lots of different options that may be ideal for your requirement. Please contact me at bma@currencies.co.uk to discuss how we may be able to make you a saving on your exchange.
