Today a long morning of panic selling for the Canadian Dollar emerged. Today at 13:30 GMT was the release for Canadian unemployment data. It seems a lot of investors bet that the data would come in much lower than expected after a long run of low oil prices which have hammered the Canadian economy.
Before the data release many were selling off their Canadian Dollars in hordes as people were worried that the initial tick down of the rates was suggestive that someone knew something they didn’t. This triggered panic selling of the Dollar without any factual basis, which is why rates almost hit a fresh 7 year high at 1.98.
But without much grounding, the data which came in proved those betting against the Canadian economy wrong. The unemployment rate actually decreased, and many investors embarrassingly flocked back and bought the CAD they sold.
These rates are a massive surprise and a true gift to anyone looking to purchase the Canadian Dollar with various currencies. Email me over the weekend on [email protected] to discuss how to maximise the CAD value you achieve on your exchange while these exchange rates are still available. Even if your requirement is not until later in the year, these current rates can be pegged at no additional cost to you.