GBP/CAD rates see slight rise today to continue recent trend (Joshua Privett)

GBP EUR Recovers from Early Losses on EU Trade

Despite the rise in oil prices catalogued over the past few days, the Canadian Dollar has continued to be outpaced by the recent recovery in the value of the Pound, with a net gain on GBP/CAD throughout the day of 0.25%.

Economic data for the UK has continue to impress in complete contrast to the results we were seeing earlier in August. GBP/CAD rallied a full cent last Thursday on the news that the manufacturing sector and the business sentiment surrounding it rebounding by the largest amount in a 30 day stint in twenty-five years.

This has been put down to the affects of a cheaper Pound on the competitiveness of UK trade goods. Domestically they are quite alluring given that consumers no longer have as much buying power abroad due to a weaker Pound. Internationally the appeal is also there given that the cheapness of the Pound makes our goods very competitive compared to other international countries.

However, it is not all positive news. The company producing these surveys have come under criticism for over exaggerating recent results since they can hardly be representative of how the UK has performed this month so soon after posting some of the worst results in its recent history.

Furthermore, the Canadian Dollar is beginning to show signs of life, with the oil price beginning to rise ahead of talks lined up between Russia and OPEC countries to potential decrease output and allow a stabilisation of prices.

I strongly recommend that anyone with a Canadian Dollar buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your currency return.

I have never had an issue beating the rates of exchange offered elsewhere, and these currency buying levels can be fixed in place for anyone planning a foreign currency purchase. [email protected]