In the last few days the Canadian Dollar has improved against the Pound after the Bank of England decided to once again keep interest rates on hold. The split was 7-2 in favour of keeping rates the same which came as no surprise but the real surprise was a huge downgrading of the UK’s growth forecasts for 2018.
Previously in February the forecast for this year was 1.8% but since then the forecast was now been changed to 1.4% and this caused a big sell off for the Pound vs a number of different currencies.
Later today Bank of Canada deputy governor Lawrence Schembri will be taking centre stage as he addresses the market and will offer some insight into what the Bank of Canada may be looking to do with monetary policy in the future.
Tomorrow afternoon brings with it the latest ADP Employment Change but tomorrow will be the biggest day of the week for anyone with a Canadian Dollar transfer to make.
Canadian Retail Sales and the latest Canadian inflation figures are released on Friday and with Retail Sales expected to show a fall I think we could see GBPCAD exchange rates go in an upwards direction towards the end of the week.
Therefore, if you’re in the process of buying Canadian Dollars it may be worth doing so towards the end of this week.
However, don’t underestimate the problems behind the scenes with the current Brexit negotiations as this will ultimately be what dominates Sterling vs the Canadian Dollar in the weeks ahead.
Having worked in the foreign exchange markets since 2003 for one of the UK’s leading currency brokers I am confident of not only being able to save you money on exchange rates but also help you with the timing of your transfer.
For further information or a free quote then email me directly with a brief outline of your requirement and I look forward to hearing from you.
Tom Holian [email protected]