Loonie strengthens due to NAFTA negotiations

Sterling remains steady in early trading as details of the Brexit extension are announced

Yesterday morning the Canadian dollar made substantial gains against the US dollar as reports were released that the White House want to put forward a preliminary NAFTA framework on the 13th April at the Peru summit. Any news that President Donald Trump will not be scrapping the NAFTA agreement is good news for clients selling Canadian dollars.

For news as it unfolds and how it is impacting your currency pairings feel free to email me on drl@currencies.co.uk to lodge your requirements.

In other news Canada are set to release their latest Net Change in employment and Unemployment rate numbers Friday afternoon. Net Change in unemployment is set to rise to 20k. A rise in net change is seen as positive for the Canadian dollar therefore this release could give the loonie a slight boost. Unemployment is set to remain at 5.8%.

Later in the month the Bank of Canada (BoC) are set to release their latest interest rate decision on 18th April and this release could indicate how Canada believe the NAFTA negotiations will pan out. Last month the BoC announced that they wanted to raise interest rates but the volatility surrounding NAFTA prompted the BoC to make no monetary policy changes at present. If the BoC raise rates this month, I believe this indicates a deal with Trump is on the horizon and we could see a period of Canadian dollar strength.

If you are buying or selling Canadian dollars this week, month or year and I haven’t covered your currency pair I would recommend emailing me with the currency pair (CADUSD, CADGBP, CADAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you drl@currencies.co.uk. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.

** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **