Canadian Dollar strengthen as oil edges higher, where to next for CAD exchange rates?

Oil prices continue to drive CAD value but will a Brexit breakthrough push GBP/CAD higher?

The Canadian Dollar has strengthened throughout today’s trading session against most major currency pairs. The reasons for its gains can be put down to positive economic data along with strengthening commodity prices, which is important for the Canadian economy.

Oil is one of the major exports for Canada, so seeing the price of oil increase and therefore, the Canadian Dollar isn’t unusual. The reasons for the boost to oils value can be put down to increased expectations of US sanctions on Iran. There has also been reported declined output in Venezuela which has coincided with strong demand for the commodity  which is a positive for Canada’s economy as previously mentioned.

Average earnings of those working in Canada also increased during February. They increased by 3.4% when you take a like for like comparison with February last year.

Although alot of the news out of Canada is positive at the moment, there are still concerns that the Nafta agreement could be an issue moving forward as Trump has made it no secret that he’s not happy with the current arrangement, and this is something those with a Canadian Dollar currency requirement should consider.

There is no major economic data set for release out of Canada this week, but do feel free to get in touch if you wish to be kept updated in future regarding price changes involving CAD.

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 jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.