This week Governor of the Bank of Canada Stephen Poloz surprisingly announced that interest rates wouldn’t raised again anytime soon and in fact interest rates could go either way due to fears that household debt is rising to fast.
Within the same speech the governor outlined certain factors that are likely to influence interest rate decisions and they were oil price movements, housing market data and the overall strength of the Canadian dollar.
The Bank of Canada are one of the central banks globally that feel that the global economy has improved and therefore interest rates should rise also. So far this year the Bank of Canada have risen interest rates twice by 0.25% therefore 0.5% in total.
With the outlook looking not as positive Canadian dollar sellers may wish to start making arrangements as I believe Canadian dollar exchange rate have the potential to start drifting back towards lower levels that we became accustom to earlier in the year.
If you are buying or selling Canadian dollars this week, month or year and I haven’t covered your currency pair I would recommend emailing me with the currency pair (CADUSD, CADGBP, CADAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **