The pound has found support against the Canadian dollar this week above the 1.70 levels for this pair. Sterling has been under added pressure over the last couple of weeks across all of the major currencies including the Canadian dollar with an almost 6 cent drop from high to low in the last month. Rates for GBP CAD did slip to the 1.69 levels before climbing marginally higher.
UK GDP figures are released on Friday in the UK and should shed some more light on how well the UK economy is in fact performing.
The rising price of oil which is slowly edging higher is also having a positive effect on the Canadian dollar and helping it strengthen. As this trend is expected to continue the dollar may have further to climb in the coming months although as history will tell us the price of oil constantly fluctuates.
With all the global political turmoil at the moment I feel it is safe to say there will be some wobbles to come in the price of oil and this is likely to result in some shocks for the Canadian dollar. For those needing to buy Canadian dollars there are likely to be some short term spikes in the market.
Clients who are buying Canadian dollars are having a tougher time at the moment as a result of the stronger Loonie but there may well be some small wins to come. For those selling Canadian dollars there is a great opportunity to convert. Whilst rates may move improve marginally the risk is that the the dollar could lose some of its recent shine.
If you have an upcoming Canadian dollar currency requirement either buying or selling and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]