GBP/CAD and EUR/CAD rates are expected to come under pressure throughout the trading day. Today at 13:30 GMT manufacturing shipment data will be released for the Canadian economy and market commentators are expecting some Canadian Dollar strength off the back of this.
Last month the increase was only 0.1%, hardly a highlight in the world of currency, where economic indicators play such a crucial role in a currency’s value. However, after a fantastic month for the manufacturing sector, most are expecting growth of 2.1% during July.
Since oil prices bottomed out, most of the money earmarked for investment in the energy industry has since been diverted into the manufacturing sector, as the economy tries to balance out and compensate. It has taken a while for this to bear fruit but it seems we are finally starting to see results in the predictions shown for today’s data release. As such GBP/CAD rates have already sunken by 0.6 cents during the first hour of today’s trading session. EUR/CAD has not suffered the same fate yet as the agreement for the third Greek bailout has just been announced – so CAD strength has been equally matched with Euro strength.
Once the data is released and confirmed it is likely that these rates will continue to drop this afternoon. Those looking to undertake a GBP/CAD transfer should call +44 1494 787 478 to discuss how any of these changes will affect your planned transfer moving forward, and to receive a free quote for your exchange.