Sterling vs the Canadian Dollar has gone in an upwards direction as oil prices are predicted to fall as Russia has said that it will not attend the current OPE meeting due to take place tomorrow.
As the Canadian Dollar is a petro-dependent currency any fall in the value of oil prices causes the Canadian Dollar to weaken vs Sterling and this is what has happened over the last 24 hours.
Many countries want to see a reduction in oil output to allow the price per barrel to increase but at the moment there appears to be a stand off between some of the members as some want to increase production which will inevitably lead to problems for the Canadian Dollar.
Canadian GDP data is due out on Wednesday morning and the Canadian economy has seen signs of recovery over the last year and in particular the economy has improved since the wildfires earlier this year which caused shutdowns in Fort McMurray.
However, in the short term I think the OPEC meeting will be the main influence upon Canadian Dollar exchange rates and if the meeting does not go well I expect the Pound to make some quick gains vs the Canadian Dollar today and for the rest of the week.
On Friday Canadian unemployment data is due out with expectations for 7% so anything different could also cause movements for GBPCAD exchange rates.
Having worked in the industry since 2003 for one of the UK’s leading currency brokers I am confident that not only can I offer you bank beating exchange rates but also help you with the timings of your currency transfer.
If you need to buy or sell Canadian Dollars and would like a free quote then contact me directly and I look forward to hearing from you.
Tom Holian email@example.com
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