Sterling exchange rates dropped heavily against the Canadian Dollar during today’s trading session, and there’s a possibility this trend could continue throughout the night as we anticipate today’s Canadian Federal Budget.
GBPCAD dipped after an alarming report of a ‘Post Brexit’ Britain which has seen Sterling’s value drop against all major currencies, most notably the Canadian and Australian Dollars.
In the run-up to today’s Federal Budget we’ve seen the Loonie post strong gains as oil prices have strengthened once again after further speculation surrounding a price freeze has picked up today.
Without any Canadian specific economic news releases scheduled for this week, all the focus will be on today’s Federal Budget as investors look for indications of fiscal policy moving forward. I’m also expecting oil prices to continue to effect CAD rates as the commodity continues to make headlines due to new year highs and the on-going production freeze talks with OPEC.
If you have an upcoming currency requirement involving the Canadian Dollar, feel free to contact me (Joseph Wright) on [email protected] and I will be happy to discuss your requirements in detail. Just include the figures and time-scales you have in mind, and I’ll happily offer you my own forecast as to when to make that trade, and how to do so cost effectively.