The North Atlantic Free Trade Agreement has been a hot topic over the last few months and the uncertainty surrounding the issue has caused the Canadian Dollar to weaken recently. US President Donald Trump has stated in the deal ‘Canada has treated us very, very unfairly when it comes to lumber and timber.’
However, Trade Chief Robert Lighthizer has said that things are progressing and ‘we’re making real headway.’ Trump has been very outspoken about the trade deal but Lighthizer appears to be a lot more confident about taking things forward.
Canada are hugely reliant on what happens south of the border and if the NAFTA deal continues to remain unsettled then I think we could see further Canadian Dollar weakness which could potentially send GBPCAD exchange rates in an upwards direction towards 1.80.
The US market accounts for approximately 75% of Canadian exports and whilst the issue continues to be unresolved I think this could put pressure on the CAD which is good news if you’re planning to buy Canadian Dollars in the near future.
This morning the UK announces the latest set of Retail Sales at 930am. The expectation is for 2.6% year on year so anything different is likely to cause movement for GBPCAD exchange rates later on this morning.
There are a number of important UK data releases coming up next week including Unemployment data on Wednesday followed by UK GDP figures. Therefore, if you’re planning to make a transfer involving Canadian Dollars make sure you’re well prepared for a busy week ahead.
If you would like to free quote when buying or selling Canadian Dollars and would like to save money on exchange rates compared to using your own bank then contact me directly. Having worked in the foreign exchange industry for one of the UK’s leading currency brokers since 2003 I am confident of being able to save you money and help you with the timing of your transfer.
Feel free to email me directly with a brief description of your requirement and I look forward to hearing from you.
Tom Holian [email protected]