Cad holds steady as Oil Prices Firm

Pound to Canadian Dollar Rate Remains Towards the Top of Its Range Despite Fears of Brexit Negotiation Delay

The price of Oil has risen as the Canadian Oil Sands fires stoke Oil supply fears. Canada’s Oil Sands are the world’s third largest proven reserves so the worry over just how these fires will impact Oil supply is important. If you need to buy Canadian dollars the price of Oil is an important factor in determining the strength and weakness of the Canadian currency. Canada is a major exporter of Oil so the economy depends heavily on Oil and other commodities such as Lumber. Tomorrow is the all important Unemployment data for the Canadian economy which could be a key determinant in shaping the coming days on Loonie exchange rates, predictions are for a slight rise to 7.2 from 7.1%. Tomorrow is also the release of the latest US Unemployment rate which might also figure on CAD exchange rates.

If you are interested in GBPCAD exchanges the coming EU Referendum is likely to be a big factor on exchange rates. Uncertainty over which way the votes will go are causing big movements on the pound which are tricky to accurately predict. If you need to move any funds in the coming weeks the Referendum is likely to lead to big moves which may or may not benefit you. We are here to assist with any direct information that might be necessary on the market and your transfers so please contact me Jonathan Watson for any further information you wish to receive.

Jonathan is a chief contributor to a number of blogs on currency as well as offering personal support to both private and business clients needing to make a foreign exchange transfer. For more information please email me on [email protected]