CAD rates are currently stable following the recent increase in oil prices documented in previous posts on this websites.
While the Canadian Dollar has been stable on GBP/CAD, gains are still visible against the Euro and USD. The reason the slide in favour of CAD has halted on Sterling rates is due to positive data from the UK released this morning about a positive turnaround in their manufacturing sector.
The first signs of positive tones in the oil market are now available after more than half a year now of doom and gloom, as finally the industry was forced to cut supply to match demand.
While oil prices may remain stable now, Shell’s CEO, Ben van Beurden, is warning of sudden spikes which may affect retail sectors in other countries if consumers have their budgets eaten into suddenly rather than gradually.
This outlook does, however, benefit the Canadian Dollar as an overwhelming net exporter of oil. So his warnings about oil prices making sudden spikes paint the picture of a Canadian Dollar poised to make big jumps on the market. Since August CAD is already 10 cents stronger against Sterling. This gradual and sustained move could give way to sudden falls.
Anyone with Canadian Dollars to buy I would recommend contacting me on [email protected] to discuss your options for any future transfers. Rates are still historically fantastic, but talking to a specialist currency broker will make sure you receive the most competitive quote through a comparison to make sure that you receive the best price available on the market place. Joshua Privett +44 1494 787 478