Oil prices are currently running out of steam and this is the first time in a week that oil prices have fallen. Since the OPEC meeting at the end of November they decided to reduce production in an attempt to increase prices of oil.
As a petro-dependent currency the Canadian Dollar strengthened vs Sterling but today we have seen a rebound for GBPCAD exchange rates as the Pound has gained from the Italian referendum news over the weekend.
The main driver of exchange rates for Sterling vs the Canadian Dollar will come in the form of the Supreme Court discussions that are currently taking place this week. The court case is being televised and investors will be looking to speculate each and every time the case takes a turn.
UK economic data during 2016 has generally been relatively strong even in light of the vote to leave the European Union back in June and with tomorrow’s data release for both Industrial and Manufacturing data this could be positive which could send GBPCAD rates in an upwards direction.
Indeed, the Bank of Canada will also be meeting to discuss their latest interest rate decision so any surprises could see more volatility for GBPCAD exchange rates during the course of this week.
Having worked in the foreign exchange industry since 2003 I am confident that not only can I offer you better exchange rates than using your own bank but also help you with the timing of your transfer of funds.
If you need to buy or sell Canadian Dollars and would like to save money compared to using your bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]