Strong retail data sees GBP/CAD rates tumble!

CAD strengthened yesterday following the surprising growth in their retail sales sector. In a single month the sector grew by 1%, half of which was a growth in car sales due to cheap fuel. Due to the further worsening of oil prices, many who were waiting to buy a car could move on this, because they were more confident with handling the long-term costs involved.

Specifically concerning GBP/CAD rates, this was a fantastic day for CAD sellers. While the Canadian retail sector expanded, the opposite was true for the UK, recording a contraction of 0.2% last month. Thus Sterling weakness and CAD strength combines to stretch the rates down to 2.01 as UK trading opened this morning, with further movement to be expected.

Keep up with live exchange rates for the day by clicking here – if GBP/CAD rates continue to shift down then I suggest calling -01494 787 478 and asking for Joshua to receive a quote for your transfer before the rates worsen. Similarly for CAD sellers, because the market is worried the CAD may weaken further, many investors will look to sell their CAD while the rates have shifted in their favour. This will cause CAD to weaken and make it less profitable to sell, so moving ahead of time may be prudent. jjp@currencies.co.uk