Bank of Canada members to set the scene for the Canadian Dollar as the day nears a close

How Is COVID-19 Effecting GBP to CAD Exchange Rate?

Following on from a fairly flat day for Canadian Dollar exchange rates we have a few points of note for you to keep an eye out for if you have Canadian Dollars to exchange in the near future.

Two members of the Bank of Canada are speaking today, Governor Poloz is speaking shortly and later on in the trading day we also have BOC Deputy Lane speaking later in the afternoon.

Poloz is not expected to raise any large movements, as he speaks at the unveiling of the new $10 banknote, with the minister of finance.

The later speech will more than likely cause some movement, as it is the first in a series of speeches deemed as economic progress reports, which follow the interest rate decision and will discuss how economic conditions and risks have evolved and will also provide a good insight into how the BOC came to their most recent interest rate decision.

Donald Trump is also scheduled to release his plans on steel and aluminium tariffs this afternoon, although he is not expected to include Canada or Mexico in this particular release I would still be wary of the potential impact it may have on the Canadian Dollar as he stance for this Tariff may give a clue as to how he make his next move with NAFTA.

Earlier this week we saw Canadian Dollar weakness due to NAFTA concerns and I have a feeling this may come back tonight.

If you have the need to carry out an exchange in the near future involving the Canadian Dollar, and you would like to ensure that you receive the very best rate of exchange and help with the timing of your transaction then feel free to get in touch with me (Daniel Wright) directly on [email protected] and I will be more than happy to help you personally.