Sterling vs the Canadian Dollar is now trading close to its best level to buy Canadian Dollars since early November following the release of today’s Autumn Statement by Chancellor Philip Hammond.
The Pound has been making progress towards 1.70 but has not yet been able to make a sustained berate of this level highlighting the resistance at this particular exchange rate.
The price of crude oil is now at a 2 year high of USD$58 per barrel which typically would be a good thing for the Canadian Dollar vs the Pound as oil is one of Canada’s largest exports.
However, the route from Canada to south of the border in the US called the Keystone pipeline which carries 590,000 barrels per day from Alberta to the US was shut down after an oil spillage in South Dakota.
Canadian Retail Sales are due for release at 130pm tomorrow afternoon with the expectation for 1% for the month of September. During the course of 2017 Retail Sales in Canada have shown signs of a slowdown highlights that there are ongoing problems in the Canadian economy and further evidence of this tomorrow could see the Pound make gains towards 1.70 during tomorrow afternoon so make sure you’re prepared for what may happen to GBPCAD exchange rates.
Overall however I expect the Brexit talks which are due to recommence during mid-December to have the greatest influence on what happens with GBPCAD exchange rates before the end of the year so if you’d like more information then feel free to make contact.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will respond to you as soon as I can.