Yesterday the Canadian Dollar was the focal point of a stir in the currency markets, with GBP/CAD collapsing instantaneously before correcting back upwards following news of lowered growth forecasts for the Canadian economy.
In a mixed day for the loonie, its value initially surged following a further rally on oil prices suggestive of some stability returning to the sector. Before correcting backwards with the monetary policy statement from the Bank of Canada suggestive of a tentative outlook in the near future.
Oil prices have begun to rally with output beginning to dwindle and positive news of collective working together between major global supplies to cut drilling and fairly cut-back so that each retains market share.
We have been here before, three times actually over the past year. Talks continue to break down, particular due to the efforts of nationally owned companies who have the capacity to weather the storm of low prices and profits without investors to answer to, with the hope of gaining market share if companies go bust in the meantime.
So if you are holding Canadian Dollars I would not hold my breath that this year will continue to bring further opportunities.
Even the Bank of Canada is factoring in lower oil prices, with the downgraded outlooks for economic outlook in Canada coming out yesterday suggestive to markets of concerning outlook for the future.
GBP/CAD as a result recovered from its dip yesterday with conflicting reports from the current market and the future outlook from the people at the helm of the Canadian economy.
The Bank of Canada’s outlook should be suggestive of longer term trends on GBP/CAD. So Canadian Dollar holders may be wise to move sooner rather than later to seize rates while they still reside at multi-year highs.
I strongly recommend that anyone with a Canadian Dollar requirement, whether buying or selling should contact me on [email protected] to discuss a strategy for your transfer aimed at maximizing your currency return and to hear the options open to you to safeguard your transfer against any adverse drops.
I have never had an issue beating the rates of exchange on offer elsewhere, and these current buying levels can be fixed in place for anyone planning a foreign currency transfer in the near future and wish to protect yourself against any adverse affects.
You can also fill out the form below and I shall be in contact as soon as I am able to.
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