Canadian Dollar Trades Lower as Oil Prices Fall Amid Coronavirus Concerns as GBP Drops Due to Brexit Worries

11-day high for the Canadian Dollar Ahead of Bank of Canada Speech

For nearly two weeks the Canadian dollar has been at an 11-day high. Despite recent pessimism on an all-important US-China trade deal, the ‘Loonie’ has held its ground. This is positive news for CAD and with a speech from Carolyn Wilkins, Governor of the Bank of Canada (BoC) set to pave the way for the BoC’s outlook it is crucial that CAD holds onto its recent gains. Bank of Canada Speech Should Provide Insight Carolyn Wilkins for the BoC gave a speech yesterday that is likely...
Canadian Dollar Suffers Seven-Week Low Following the Spread of the Coronavirus

Canadian Dollar suffers despite rate hike (Daniel Johnson)

NAFTA is a cause for concern for CAD The Bank of Canada (BOC) decided raise rates last week after positive economic data, particularly unemployment, which plunged to the lowest levels in forty years. Common belief would be to assume a rate hike means a stronger currency, this is not always the case. The market moves on rumour as well as fact and the rate hike was anticipated following the release of the unemployment data so the hike was already factored into the exchange. There is also...
Canadian Dollar Could Be Shaken up by Coronavirus Impact on the Bank of Canada Outlook

Expect substantial volatility today for CAD Rates

In an hour at 9:30am GMT inflation data for the UK economy will be released. Recently the data released from the UK economy has been extremely poor in this area. Inflation actually fell to a negative deflationary number last month but is expected to rebound this morning. Deflation in principle is considered disastrous for an economy. Japan entered a deflationary spiral which is could not escape from for 20 years. An increase in the inflation number this morning will spell Sterling strength and we...
Canadian Outlook Questioned Despite Maintaining Cash Rate as GBP Awaits BoE Decision

Canadian Dollar boosted by increasing oil price, Brexit to continue to dominate headlines (Joseph...

So here we are on the day of the Referendum, the event we've been discussing for most of the year on this blog and I'd imagine the entire financial world has their eyes glued to whats unfolding here in the UK. Sterling exchange rates have been gaining since Monday, as campaigning commenced once again after the 2 day break due to last week's tragic death of MP Jo Cox. After the brief pause it would seem like the 'Remain' camps have taken the lead in...
Will the GBP Recover Against the EUR?

Canadian Dollar Supported after Bank of Canada Interest Rate Hike (James Lovick)

The Canadian dollar continues to find support after the Bank of Canada raised interest rates from 0.5% to 0.75% following in the US’s footsteps in tightening monetary policy. The shift in policy for the first time in seven years should see further gains for the Canadian dollar especially if the central bank points to further interest rate increases in the months ahead. Those clients looking to sell Canadian dollars for pounds are seeing attractive levels for converting at present. There may be some better opportunities...
Sterling Declines Ahead of EU-UK Trade Negotiations

Sterling weakens against the Canadian Dollar on Brexit fears (Tom Holian)

Sterling has continued to fall against the Canadian Dollar as rumours are that the UK could be getting ready to look at starting the negotiations to leave the European Union by February. According to European Council President Donald Tusk he has said that in discussions with UK Prime Minister Theresa May that the UK may be getting ready to start the talks by February. Since the vote to leave the European Union back in June Sterling has really struggled to make any serious gains against the...
Pound to Canadian dollar exchange rates climb higher as oil prices fall lower

Pound to Canadian dollar exchange rates climb higher as oil prices fall lower

The pound to Canadian dollar exchange rate has moved higher after Brexit developments have helped support the pound. Rates for GBP to CAD are now sitting above 1.72 for the pair. UK Prime Minister Theresa May has outlined her Plan B which is effectively to find a solution over the issue of the Irish backstop. She plans to seek legal assurances to limit the length of the time that the backstop will be in force for to try and gain the support from Parliament...
Pound to Canadian Dollar Outlook: Investors Favour Upside Following GBP Strength Boost

GBP CAD Rallies on Brighter Brexit Outlook

The Canadian dollar faces an uphill battle at the moment with the ongoing dialogue from US President Donald Trump. Trade policy changes from the Trump administration are having a negative impact on the Canadian dollar as new tariffs and protectionist policies have started to be introduced. It all started with softwood lumber last year when the US President slapped on tariffs onto Canadian exports. More recently and the US has introduced tariffs on imported steel and aluminium which also has a knock on effect on...
Canadian Outlook Questioned Despite Maintaining Cash Rate as GBP Awaits BoE Decision

GBPCAD rates continue to fall

Buying Canadian dollar has changed hugely in value over the last 7 days. The majority of the change has been within the last 72 hours and it is for a reason many may not be aware of.  It is news from the US which has made buying the dream property in Canada so much more expensive. The US has been talking about raising their interest rates again this year for some time now. Only a week ago there was a 50% chance that this was...
Pound to Euro Exchange Rate: EUR Slumps as Number of COVID-19 Cases in Europe Rises

GBP/CAD hits 1.97!

The combination of incredibly poor data from the UK on Friday and the rise in oil prices announced this morning is continuing to push back GBP/CAD. This allowed 1.97 to be seen briefly on the markets. On Friday the UK recorded its worst contraction in the construction sector in two years. A fall of 4.3% in the space of a single month caused the Pound to lose value rapidly. This was not only because confidence in the UK economy weakened, but because this dismal news...