Interest rate decision for Canada

Bank of Canada interest rate decision and the impact on GBPCAD rates

The Bank of Canada are due to be meeting later this evening to announce their latest interest rate decision. The expectation is to keep interest rates on hold so I don't think we'll see any changes in monetary policy, however, the important part of the day will be the accompanying statement which will provide us with evidence as to why they have decided this month's policy. The Canadian Dollar has been gradually improving against the Pound during the last few months but we could start to...
Brexit continues to be the driver for Sterling against Canadian Dollar

Canadian Dollar Supported ahead of Bank of Canada Meeting

The Canadian dollar continues to find support as the price of oil climbs higher and the concerns over the renegotiation of the NAFTA agreement have softened in recent weeks. Ever since US President Donald Trump pulled out of the Iran nuclear deal the price of oil has been inching higher and this is helping strengthen the Canadian dollar. There is currently a good opportunity for selling Canadian dollars. As a commodity currency and net exporter of oil the Canadian dollar tends to strengthen when oil...

Could UK Retail Sales help to increase the Pound vs the Canadian Dollar?

The Canadian Dollar has continued to strengthen during the course of this week against the Pound and it appears to be following the same trend as what is also happening with GBPUSD rates. Oil prices have been on the rise and the highest they have been for a few years and as Canada is such a huge oil exporter this is likely to provide the Canadian Dollar with a lot of strength as it should in theory help to reduce the Trade Balance and increase...
Sterling drops against the Canadian Dollar as pressure mounts on Theresa May

Will the Pound have a positive end to the week against the Canadian Dollar?

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...
Should I buy Canadian dollars now?

Canadian Dollar Strength over Uncertainty in Middle East

The Canadian dollar is continuing to make gains across most of the major currencies with a particularly strong improvement against the pound. Rates for GBP CAD have now fallen to 1.7342 creating an excellent opportunity for those clients looking to sell Canadian dollars for pounds. The Canadian dollar has been boosted on the rising price of oil which has stemmed from geopolitical concerns in the Middle East. US President Donald Trump has pulled out of the Iran nuclear deal which is creating uncertainty in the...

Stronger Canadian Dollar as oil price strengthens, will the strong run for oil help...

The Loonie (Canadian Dollar) has begun the week in strong fashion after gaining on the US Dollar during today's trading session. After a few very strong weeks for the Greenback (US Dollar) it's currently heading for its 4th successive day of losses, with some believing that the bull run for the US Dollar is running out of steam. One of the main reasons for CAD's strength apart from benefiting from the weaker Dollar is the stronger oil price. It's been increasing in value recently for a...
Pound unsteady against the Canadian Dollar as Brexit vote just a week away

NAFTA deal still far from sewn up

US threatens non-approval on NAFTA deal if there is no firm proposal in place in three weeks. The North American Free Trade Agreement (NAFTA) is currently in the process of being renegotiated. NAFTA is a free trade deal between the Sates, Mexico and Canada. Trump has made very clear he is unhappy with the current deal and has called it "the worst trade deal in history." The results of the new negotiations could have huge ramifications fro the Canadian Dollar, the US is Canada's largest trading partner. If...
Pound to Canadian Dollar rates as Brexit Political Declaration Negotiated

CAD Weakness on Falling Oil Price

The Canadian dollar fell against the US dollar yesterday on the back of falling oil prices which slipped on yesterday’s markets. Oil is one of Canada’s biggest exports so any drop in the price usually has a direct negative impact on the Canadian dollar. Canadian Gross Domestic Product (GDP) numbers are released tomorrow and are likely to be scrutinised by the Bank of Canada which has been forced to take a more dovish stance of late. A strong figure would be welcome news for the...
Could we see further CAD strength

Canadian Dollar Still Uncertain over NAFTA

The Canadian dollar continues to remain on the back foot as uncertainty surrounding NAFTA remains the primary concern for the Canadian economy. The Bank of Canada has raised its concerns over the issue as well and its Governor Stephen Poloz has hinted at not raising interest rates until the future is more clear on this matter of trade. The Bank of Canada surprised the markets last July when it raised interest rates by 0.25% which was later followed up with another hike in the Autumn....
GBP/CAD looks for direction as the pair continue to hover at 1.70

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

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...