Canadian Dollar value dips slightly after Budget (Joshua Privett)

The value of the Canadian Dollar has seen marginal losses following the release of Justin Trudeau’s first budget as Prime Minister.

He announced an increase in the deficit to more than $29bn this year, with no forecast of a surplus before the next election.

Sweeping social reforms to tax, child benefits and pensions come alongisde a revision downwards in growth in the economy to 0.4% per year.

This essentially presents a mixed bag which is why there was actually little net change in the value of the Canadian Dollar today.

In this instance, whilst the budget ran a significant deficit, the government used very conservative growth figures to estimate this deficit. Most economists are predicting higher, so this was a very acheivable budget with a large deficit which could end up being smaller.

This explains the ever so slight losses on the Dollar which have improved GBP/CAD central levels slightly above 1.86 once more, as the loonie becomes a cheaper currency to purchase.

I strongly recommend that anyone with a Canadian Dollar buying requirement should contact me on [email protected] to discuss the options available to you to in order to maximise your currency return.

I have never had an issue beating the rates of exchange offered elsewhere, and I particularly stress that anyone looking to purchase Canadian Dollars with Sterling should reach out to discuss your options to ‘peg’ rates before the expected falls in the run up to the potential Brexit. +44 1494 725 353.