Canadian Dollar recovers, Oil soars!

Gbp to Cad Exchange Rate Hits a 1-Month High as Risk Appetite Returns to Global Markets

The price of Oil has recovered and the Canadian dollar with it following a worrying few sessions over the Alberta Oil Sands fires last week. Thankfully the fires are now out but the impact on the economy will remain in the shorter term. Investors however are taking a longer term view on the whole situation and will be looking at this from a point of view that the worst fears have not been realised and that the Canadian economy will recover. I think that personally the price of Oil is going to continue to rebound  and this will impact the Canadian dollar in a positive way, the pound should also start weakening which will mean buyers of Canadian dollars should move quickly, sellers might wish to hang on to see how the market goes.

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