The Loonie has lost value during today’s trading session, falling against the US Dollar even if only slightly. At present the CAD to USD exchange rate is trading around its lowest point so far this year, and at the time of writing there doesn’t appear to be much support at 0.77 cents.
There is a lot of uncertainty surrounding the Canadian Dollar at the moment, as the trade negotiations and plans for the North American Free Trade Agreement (NAFTA) are still up in the air for now.
Tensions between Canada and the US appear to be strained at the moment and especially after the heated comments between the two after the G7 meeting last week. Uncertainty won’t play into the Loonie’s hands especially as so much of its trade is with the US and it has an export driven economy.
Oil prices have also been softening recently which has worked against the Canadian Dollars value. The Iraqi oil minister recently failed to confirm whether OPEC will decide to boost output in future.
There aren’t any major news releases out of Canada between now and the end of the week, but if you wish to be notified in the event of a major market move do feel free to register your interest with me as there’s plenty of news out elsewhere this week!
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.