Canadian Dollar exchange rates have gained ground a little over the past few trading days as U.S stock market volatility has cooled a little over the course of the week.
We did see another drop during the opening bell in trading yesterday, however there was a fight back and the losses were made up by the end of the trading day.
With the USD being so volatile at present it is fairly hard to predict just where CAD exchange rates will head next, as there are numerous outside political factors that are having an impact.
Today we have the release of employment change figures in Canada, along with a speech from a member of the Bank of Canada too, so watch out for potential Canadian Dollar volatility later on in the trading day.
Next week we see the release of inflation figures for Canada, due to be released on Friday 23rd February. A reading of 1.9% (which is roughly what is expected) may lead to extra pressure on the Bank of Canada to raise interest rates in the coming months and this may lead to strength for the Canadian Dollar, making it more expensive to buy.
An interest rate hike is generally seen as positive for the currency concerned and a cut in rates negative so any further speculation of a hike may be seen as good for the Canadian Dollar.
If you have a Canadian Dollar exchange to make (either buying or selling) in the coming days, weeks or months and you would like assistance not only on the timing of your transfer but also with achieving the very best rate of exchange too then I can help you personally.
Feel free to get in touch with me (Daniel Wright) by emailing me on [email protected].co.uk and I will be more than happy to get back to you. Having now worked at the same foreign exchange brokerage for over a decade I am well placed to assist you and will be more than happy to help.