Since the UK voted leaving the EU was in there best interest GBPCAD has fallen 20 cents. Today the UK held their latest interest rate decision and many speculators were under the impression a cut to 0.25% would occur. However the Bank of England decided to keep rates on hold at 0.5% and in fact it was only 1 of the 9 members that felt a cut would benefit the UK.
Looking ahead Canada are set to release their latest Consumer Price Index (inflation) numbers next Friday. Inflation can have a major impact on interest rates therefore this is a data release not to be missed. Inflation has been a worry globally of late and I wouldn’t be surprised to see a fall which could provide a minor spike for Canadian buyers.
The currency company I work for enables me to buy and sell Canadian Dollars at rates 2-5% better than other brokerages and high street banks. If you are buying or selling euros this year feel free to send me the currency pair you are trading (CADUSD, CADEUR, CADGBP) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn