This week the Organisation of Petroleum Exporting Countries and Russia both have agreed to freeze production. Furthermore Iran and Iraq have hinted this are in support of controlling the amount of oil flooding into the market, however there is no concrete evidence they will stick to their word.
In the last 12 months there has been an oversupply of oil, which means the Canadian dollar devalues as oil is Canada’s largest export. Looking ahead if production is frozen I expect the Canadian dollar to strengthen and unfortunately prices at the gas station will become more expensive.
Today the Bank of Canada are set to release their latest interest rate decision. Interest rates have been cut within the last 12 months to 0.5%, in a bid to help a stagnant Canadian economy, however I do not expect a cut today or anytime soon.
The currency company I work for enables me to buy and sell Canadian Dollars at rates 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