Buying Canadian Dollars – 2 Month High (James Lovick)

GBPEUR rate remains steady as markets await the Autumn Budget

The pound has rallied higher against the Canadian dollar after a second opinion poll in the run up to the UK referendum on Europe has put the Remain campaign in front. Sterling has seen sizeable gains across the board although with a market movement of almost 1% for GBP CAD. For anyone buying Canadian dollars there is a much better opportunity to do so with rates at a 2 month high for this pair.

This Wednesday sees the Bank of Canada’s interest rate decision where no change is expected. Interest rates are at record lows of just 0.5% in Canada and the last thing the central bank would do now is hike especially considering the Alberta wildfires and the knock on effect from this on the Canadian economy. With much more volatility expected from the EU referendum in the UK over the next month then this now may be the kind of opportunity buyers are looking for.

If you have an upcoming Canadian dollar currency requirement either buying or selling and would like to be kept up to date with key market movements, or simply wish to compare our award winning exchange rates then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively you can email me directly at jll@currencies.co.uk