The Canadian Dollar has gained in value over the past few days against most major currency pairs, after some positive news for both Canada and Mexico has been announced regarding the impending US metals tariffs.
US President, Donald Trump recently threatened to impose tariffs on metals imported into the US from all countries. His plans consist of a 25% tariff on steel imports and a 10% tariff on aluminium imports which would be very bad news for Canada which is why the currency lost value earlier in the month when Trump first made the announcements.
Canada is the largest supplier of both metals to the US so you can imagine the potential downsides to the Canadian economy and therefore the reason for the loss in value to the Canadian Dollar.
Analysts are suggesting the situation isn’t completely over but its looking a lot more positive at the moment.
The Loonie is now trading in the 1.77’s against the Pound after almost trading into the 1.80’s earlier this week, meaning that buying CAD with GBP is now more expensive due to the good news for the Loonie.
This afternoon there will be Unemployment data out of Canada, with the unemployment rate expected to show 5.9% so expect any deviations from this figure to result in movement for CAD exchange rates.
This figure is set for release at 1.30pm so feel free to get in touch if you wish to plan a transfer around this event.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome 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. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.