The Canadian Dollar increased against Sterling during the course of yesterday’s trading session following a rise in the value of Brent Crude oil prices which hit USD$58 per barrel.
The Canadian Dollar increased against the Pound by over a cent which provided a good opportunity for anyone with a requirement to buy Pounds with Canadian Dollars.
Tensions are increasing in Kirkuk between Iraqi and Kurdish forces and the problem for the oil market is that this could interrupt supply and therefore demand could rise causing the value of oil to also rise.
Owing to the fact that the Canadian economy is heavily reliant on oil then the rise in the price could help to strengthen the Canadian economy and therefore also the value of CAD vs GBP.
Later today UK inflation is due out and if we see a rise as high as 3% this could put pressure on the Bank of England to look at raising interest rates when they meet on November 2nd.
If the data shows a fall we could also see GBPCAD exchange rates move in a negative direction so if you’re considering making a currency purchase involving Canadian Dollars then call me directly on 01494787478 for a free quote.
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 I can.