Today the Canadian Dollar will be put under further scrutiny, as data released concerning its import and export sector will shed light on its current economic state.
The CAD has come under further pressure in recent days due to the announcement of a global increase in oil production, which further lowered current and future prices for oil. With CAD being a commodity currency, it’s value is closely linked to commodity currencies.
However, today may see some Canadian Dollar strength when the data is released at 12:30 GMT. Should their exports increase, then even though oil prices are falling, Canada is still keeping a competitive footing on the market compared to other nations. This will inspire greater long-term confidence in the Canadian Dollar and may see some investors buy-back what they have sold recently.
GBP/CAD rates are at fresh 7 year highs and I would be tempted to move before this data release. Call +441494 787 478 to receive a free quote on your transfer.