The Canadian Dollar rate vs the Pound has strengthened towards the end of the week after the US economy posted better than expected jobs data for July.
A total of 209,000 new jobs were created last month and the unemployment rate also hit the lowest number since 2001. Both the US Dollar as well as the Canadian Dollar have gained towards the end of the week owing to the news.
After having a slow start to the week the Canadian Dollar has ended the week on a high creating some better opportunities to buy Pounds with Canadian Dollars.
We also saw the Pound fall yesterday afternoon when the Bank of England cut the UK’s growth forecast for 2017 from 1.9% to 1.7% and down to 1.6% for 2018. The interest rate decision saw a change from 5-3 to 6-2 in favour of keeping interest rates on hold.
Canadian Import data was also better than expected which led to the CAD ending at its lowest level all week.
Next Tuesday the latest NIESR GDP estimate for the last 3 months is due out and I think this could highlight further problems for the British economy causing the Pound to fall against the Canadian Dollar.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.
A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.