It has not been a great week for the Canadian Dollar against most majors, seeing a slight dip in value over the course of the week.
The Canadian Dollar was actually the worst performing of all the major currencies on Tuesday and it does appear that investors have slight concerns on how growth figures (released tomorrow) are due to come out.
Expectations are for month on month figures for December to post a figure of a mere 0.1% growth from 0.4% last time around, which would more than likely lead to Canadian Dollar exchange rates dropping off a little as we head towards the end of the trading week. Annualized growth figures would also post at 2%, which is quite different to the Bank of Canada’s initial expectations of posting a level of 3%.
This would more than likely hold back any potential moves on interest rates from the Bank of Canada for quite some time, the currency is dropping in value at present due to slower growth, dropping oil prices and poor economic data and uncertainty still hanging around over the NAFTA agreement which is one of the trade wars that Donald Trump is seemingly willing to take on.
It will be interesting to see just how these growth figures come out tomorrow, we have been surprised before so a higher than expected figure may always give the Canadian Dollar a good solid end to the week.
If you have Canadian Dollars to exchange into any major currency and you would like to ensure that you get the best exchange rate when converting, feel free to get in touch with me (Daniel Wright) the creator of this site on [email protected] and I will be more than happy to contact you personally to explain the various options available to you.