What will Affect the Canadian Dollar this week? (Daniel Johnson)

How Is COVID-19 Effecting GBP to CAD Exchange Rate?

Key Data Releases this week

Housing Starts 14.15 Tuesday 8th November

Housing starts are released by the Canadian mortgage and housing corporation. It is a measure of how many of new single family homes and commercial buildings have been constructed. It is a barometer as to the health of the Canadian housing market. It can be considered to be a measure of the Canadian economy as a whole due to the housing starts’ sensitivity to changes in the business cycle.

It will be compared to last years stats and I expect to see a contraction which could weaken the value of the loonie.

Stephen Poloz’s Speech 15.30 Friday 11th November

Stephen Poloz is the governor of the Bank of Canada. During his speech he will discuss the Canadian economic outlook and may give a hint as to possible monetary policy changes. If any indication of policy changes is given expect volatility on the markets.  I would expect a dovish tone and not much movement.

Oil Prices

Oil is Canada’s main export and as such the currency fluctuates heavily depending on oil pricing. There has been a surplus of late which did little to assist the Canadian dollar. However, Putin recently stated he would be curbing supply which is good news for Canada. If you are trading Canadian Dollar it is important to keep an eye on oil prices as a spike on oil could well correspond with a spike on CAD.

If you have a currency requirement I would be happy to assist. I am prepared to provide a comparison against any competitor and I am confident I will beat your current provider.  I will also be prepared to produce an individual trading strategy to suit your needs attempting to pick the correct contract and time your trade to maximise your return. Please do get in touch when you get the opportunity by e-mailing me at [email protected].