The Canadian dollar has seen a strong rally today after Canadian retail sales numbers surged unexpectedly higher today. The strong data signals a buoyant sector and may help boost Gross Domestic Product (GDP) going forward and this has helped drive the dollar higher. GBP CAD fell by almost 1% to a low of 1.6726 in afternoon trading following the announcement creating a good short term opportunity to sell Canadian dollars.
Those clients looking to sell Canadian dollars for Euros are seeing a good opportunity to buy which may not last indefinitely with the fluctuating price of oil, which heavily impacts on the Canadian dollar. In general a fall in the price of oil is negative for the Canadian dollar. Only yesterday the price of oil fell sharply having a negative impact on the loonie so today’s strong retail sales numbers are welcome news.
CAD EUR has also seen a good day today and in these markets the aim is to try and find these opportunities as they come about. We can help assist in looking for these opportunities as they come about and effectively be your eyes and ears on the markets.
Further oil price fluctuations in these coming weeks are only likely to create more volatility for the dollar and hence this present opportunities for buyers and sellers alike.
Tomorrow sees Consumer Price Index inflation data from Canada which is likely to have a sizeable impact on the Canadian dollar. Expectation is for a small drop in the headline inflation figure which could see the Canadian dollar weaken.
If you would like further information on Canadian dollar exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]