Buying Canadian Dollar rates, GBP/CAD, have come under further pressure for the third week in a row heading into the weekend. Luckily for Canadian Dollar buyers however, some very poor news out of Canada has balanced out the effects, and as this article is being typed the Pound is slightly up against the Canadian Dollar, unlike its other currency pairings.
Canadian inflation and retails sales all came in staggeringly low for last month on what is normally a boosted period during the summer holidays. It unsurprising that low retail sales figures how come out at the same time as low inflation, as low spending in the retail sector will not translate in a healthy upkeep of prices, but rather the opposite.
Therefore the Canadian Dollar as down against most of its major counterparts as a result.
However, this positive news for Canadian Dollar buyers is being eaten into by the severe sell offs of Pounds before the weekend which we have become used to seeing as a regular feature on the currency markets as of late.
At the end of the week speculators at high street banks, the heavy market movers due to the volumes of currency which are moved each day, have to choose a dominant currency to which to store their profits in before the weekend. Due to the recent severe instability and lack of value surrounding the Pound, the Pound has been very low on the priority list.
This sudden fall in demand for the Pound is why each Friday afternoon like clockwork we are seeing the Pound lose value against most major currencies.
However there is a clear recovery trend at the moment for the Pound so anyone considering selling Canadian Dollars at the moment may be wise to move sooner rather than later to avoid any losses.
Feel free to reach me over the weekend whilst markets are close and I will reply as soon as I am able to discuss your requirements in more detail and develop a strategy for your transfer to maximise your currency return. [email protected]
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