GBPCAD close to 12 month lows, what next? All eyes on the Canadian dollar Interest rate decision!

GBP EUR Looks to Employment Figures for Support

If you are buying Canadian dollars with sterling the outlook is not terrible but it is likely the pound will lose further ground against the Loonie as investors fears over the Referendum continue to manifest. This is in my opinion going to be the main driver on GBPCAD exchange rates in the coming weeks and months although of course there will be other factors to take stock of. The price of Oil also has a large impact on the value of the Canadian dollar and with Oil somewhat recovering or at least stabilising we have seen the Canadian dollar cement gains over the last couple of months. The high to low range on the pound to Canadian dollar exchange rate has been substantial presenting Canadian buyers and sellers with opportunities. I would not however be too hopeful if I was buying Canadian dollars rates will suddenly get better!

This week we have the Canadian Dollar Interest rate decision and statement on Wednesday at 15.00 UK Time. This is widely predicted to keep rates on hold but there could be some opportunities to buy the CAD at a better rate if there is any speculation the BoC (Bank of Canada) might be looking to cut interest rates at some point in the future. If you have a transaction to consider involving buying or selling the Canadian dollar this is the release to keep an eye on!

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