USD/CAD and EUR/CAD exchange rates the focus for the day
The long awaited US interest rate decision will be released today. With the US being the largest economy in the world, and a significant proportion of of global debt being denominated in US Dollars, this decision will likely affect all major currencies. For the Canadian Dollar, the two major currencies in question which will be swinging wildly as a result, will be USD/CAD and EUR/CAD (to a lesser extent GBP/CAD).
USD/CAD has already come under pressure and may fall below 1.32 soon, and EUR/CAD however,...
Pound to Canadian Dollar rates still rising (Joshua Privett)
Like the US Dollar the Canadian Dollar is currently suffering against the Pound, with Pound to Canadian Dollar exchange rates breaching new 5 month highs.
The Pound's rally, if you haven't been in tune with the news this week, has been attributed to the sudden and euphoric announcement of an election in the UK.
Contrary to what many are looking at, this rally is not simply because markets prefer a Conservative government, which is currently performing 24 points above what Labour is managing to put up...
Canadian dollar boosted – Canada dodges Trump’s metal tariff
The Canadian Dollar has gained in value over the past few days against most major currency pairs, after some positive news for both Canada and Mexico has been announced regarding the impending US metals tariffs.
US President, Donald Trump recently threatened to impose tariffs on metals imported into the US from all countries. His plans consist of a 25% tariff on steel imports and a 10% tariff on aluminium imports which would be very bad news for Canada which is why the currency lost value...
As expected GBP/CAD rates remained at 1.96
Yesterday was largely uneventful for the Canadian Dollar. Few data releases on either side of the Atlantic saw the situation in Greece dominating the relationship between most currency pairs.
While the Greek delegation suddenly showed themselves to be more conciliatory in their run-up to their referendum on July 5th, offering new terms, and rumours that they were more open to accepting further cuts flourished. However, with nothing concrete announced, rates refused to move below or above 1.96 for GBP/CAD as no more capital flowed in...
Will GBPCAD rise back above 1.70?
The ability to buy Canadian dollars above 1.70 two weeks ago was an opportunity we did describe as well worth capitalising on. There is an overall belief that the pound will continue to display signs of weakness and the economic conditions are more supportive for the Canadian currency. I stand by these sentiments and whilst there are potentials for a surprise shift back above 1.70 the wind looks to remain with CAD sellers.
Whilst the US dollar strengthened against the Canadian dollar weakening the Loonie...
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 wobbly against Canadian Dollar as we await UK inflation data (Joshua Privett)
Pound to Canadian Dollar exchange rates have experienced a wobbly beginning to the day as we wait for UK inflation data to be released this morning.
Initially Asian trading brought in some issues and then when the baton was passed to European trading this morning when it opened the deflation on the exchange rates became much more visible.
The reason why inflation data at the moment is having an exaggerated effect even before the news is released, can be explained with an assessment of recent Bank...
Trump could cause volatility on GBP/CAD (Daniel Johnson)
Trump causing trouble promising to increase oil production
Trump's speech following the inauguration was very focused on taking firm control of the domestic economy. Part of the plan for Trump's "Let's make America great again!"
If his plans come to fruition the Canadian Dollar could lose value. I think Sterling is still chronically undervalued against the Canadian Dollar. The main factor for the pound's fall is the uncertainty surrounding trade negotiations post Brexit vote. Sterling has rallied following Theresa May taking away some of that uncertainty...
Will GBPCAD hit 1.70 again?
GBPCAD hit 1.70 ten days ago presenting some of the best rates to buy Canadian dollars with pounds since June. This is great opportunity considering the outlook for the pound remains very uncertain, Stephen Poloz is the Governor of the Bank of Canada and whilst he has been gently weakening the Loonie lately, the currency is likely to strengthen longer term.
Overall markets are expecting the pound could come under more pressure than the Loonie dollar as we still know very little about just what...
CAD loses ground against all major currencies yesterday with falling oil prices
The losses were slight but widespread. Most were expecting a rise in crude oil prices yesterday as crude oil stocks had dropped for an 8th week in a row, suggesting a removal of the oil glut and an increase in demand. However, this was matched by record output in the U.S of 9.6m barrels per day. So while the U.S. market was increasing it seems they will likely be buying their own stock rather than adding to demand for the overseas markets, which is...
