On-going OPEC Discussions Continue To Weigh On CAD’s Value

Despite few major economic new announcements this week we’ve had a volatile past couple of days, and the Canadian Dollar has been one of the losers so far, falling against both the USD and the Pound.

The Loonie has been weakening off the back of volatility in the energy markets, with the Organization of the Petroleum Exporting Countries (OPEC) making headlines as Iran, perhaps the troublesome member of the group currently, has stated that it’s prepared to freeze production output of Crude oil, but not at the January levels suggested by both Russia and Saudi Arabia.

As many reading will be aware, the Canadian Dollar is pegged to a certain extent against the value of energy prices, and any uncertainty surrounding oil production and prices is likely to negatively affect the Loonie’s value. Therefore I’ll be paying close attention to oil prices in order to get an indication of which way CAD is likely to go.

There are few economic data releases coming out of Canada this week, but those of note consist of CAD Manufacturing Shipments (Month on Month) out tomorrow at 12.30pm GMT time. Thursday at the same time Wholesale Sales (Month on Month) figures will be released. Then on Friday, at 12.30pm GMT once again, Canada has by far its busiest day on the economic calendar front as Retail Sales and the Consumer Price Index figures are both scheduled for release, with both Month on Month and Year on Year figures scheduled for release.

If you have an upcoming currency requirement involving the Canadian Dollar, feel free to contact me (Joseph Wright) on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.