The Canadian Dollar has strengthened heavily recently, reach 1 year highs against a floundering US Dollar and over a 4 month high against the Pound.
The trend also seems set to continue, so Canadian Dollar buyers may be wise to look at getting their skates on. The view is that the Canadian economy is gathering speed – growing in areas outside the oil industry, and raised interest rates twelve days ago for the first time since the financial crisis.
According to Bloomberg there is almost an eighty per-cent chance that BOC officials will look to raise interest rates again this year. Frankly for the region two in a year is almost modest. America are looking to do 4 and their growth prospects are not quite as high.
Oil price rises and near stabilisation helps, despite the efforts over the past few years by the Canadian economy to fuel growth in other tertiary sectors such as manufacturing.
So with medium term prospects looking fairly fortunate for the Canadian Dollar, a helping hand for buyers will need to come from the currency being sold.
The US Dollar is in a state of limbo if not still losing value from ongoing political instability and today’s downgrade in growth forecasts for the year by the International Monetary Fund.
The Pound is having its own problems with similar forecasts from the IMF today and with ongoing Brexit discussions heaving anxiety onto an already anchored currency.
I strongly recommend that anyone with a Sterling based currency requirement should contact me on [email protected] to discuss a strategy for your transfer aimed at maximising your currency return.
You can contact me directly by calling 01494 787 478 and asking the reception team to speak to Joshua.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.