The Canadian dollar has lost ground today off the back of oil prices taking a tumble. Oil is Canada’s largest export and there is a direct correlation between oil and the price of the Canadian dollar. However its not oil prices that I would be concerned about if needed to convert Canadian dollars into a foreign currency anytime soon.
The Canadian people should be keeping a close eye on US President Donald Trump as the President has been making it clear that he plans to remove the US out of the NAFTA trade agreement. The President believe the US manufacturing industry is struggling because labour is to cheap in Mexico. His demand is for reforms or he will plea to the Senate to start the process of leaving NAFTA.
Negotiators from the US, Canada and Mexico are all in Montreal at present at the 6th round of negotiations and the negotiations are set to finish tomorrow. I am expecting to receive an update from the US President in the upcoming weeks, therefore if you are exposed to Canadian dollar currency exchanges I would recommend making arrangements as soon as possible as this event has the potential to have a major impact on the price you receive. My prediction is major Canadian dollar weakness in the weeks to come.
The currency company I work for enables me to buy and sell Canadian Dollars at rates better than other brokerages and high street banks. If you are buying or selling euros this year feel free to send me the currency pair you are trading (CADUSD, CADEUR, CADGBP) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair email@example.com. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn