Canadian Dollar weakens vs the Pound owing to US Tariffs (Tom Holian)

Pound Stronger vs Canadian Dollar this Morning

The Canadian Dollar has struggled vs the Pound after a decision made by US President Donald Trump that he will be looking to increase tariffs on softwood lumber coming in from north of the border.

Further to this the US and Canada are at loggerheads over a proposed new Canadian milk policy which means that Canada may look to cease importing milk from Wisconsin.

Trump responded in a tweet saying ‘Canada has made business for our dairy farmers in Wisconsin and other border states very difficult. We will not stand for this.’

The US have put in tariffs of 20% on the lumber imports which has caused the Canadian Dollar to weaken which is good news if you need to send money to Canada for a property purchase or if you’re thinking of emigrating.

Canadian Retail Sales are due out today and could come out lower than expected owing to the recent issues since Trump became President of the US.

GDP figures are also due to be released are are expected to show a decline to 0.5% for last month and this could send GBPCAD exchange rates in an upwards direction.

Therefore, if you’re looking to buy Canadian Dollars with Sterling then it may be worth seeing what happens at the end of the week.

Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am confident not only of being able to offer you bank beating exchange rates but also help you with the timing and offer you different contract types typically not available from your own bank.

If you would like further information or for a free quote when buying or selling Canadian Dollars then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian [email protected]