Oil slide reverses CAD gains

The Bank of Canada interest rate decision this afternoon and their monetary policy statement was largely a non-event and was completely overshadowed by slashed oil prices, causing CAD to weaken on the markets. Oil prices were slashed back to the lows of April as forecasted demand for oil over the next few months subsided. This was a combination of increased oil supply from Iran and an increase in US oil stocks by 8 million more barrels than previously estimated. The more than 1% gain for CAD against its...
Interest rate decision for Canada

GBP/CAD rises against oil prices

Just one day after the election the rally for the Canadian Dollar following the installation of a majority government is already over, and GBP/CAD is near 2.01 on the markets. GBP/CAD Rates have rallied in the short term with the eventual introduction of Iranian oil into the marketplace, which has lowered its price due to increased supply, in-turn weakening the value of the Canadian Dollar. All eyes are now looking forward to the Bank of Canada interest rate decision today. This will set the tone for the next month...
GBP/CAD Rates Fall after Disappointing Outcome at EU Summit for British PM

Election and the Canadian Dollar

The polls got it incredibly wrong, again, and the Canadian Dollar has swung wildly overnight as a result. We seem to be harking back almost exactly to the UK election, where polls suggested a close race, and then a majority government emerged instead with the Pound strengthening massively as a result. The Liberals gained a staggering 54% of the vote, when on Friday they were forecasted to receive a mere 35%. The Canadian Dollar was weakening slightly yesterday with this forecast in mind, because those forecasted...

Canadian Dollar finally weakens

As polls open and North-American markets finally become concerned about the potential for a change of Prime Minister following the latest poll numbers, the Canadian Dollar has finally weakened after a long-delay. The rule of thumb on currency markets is for weakness surrounding election for any given currency. The Canadian Dollar has proven that it also follows the same rules, however delayed the result. GBP/CAD has strengthened a full 1% in 2 hours and USD/CAD and EUR/CAD are following similar patterns. It is difficult to gauge how far this...
Sterling drops against the Canadian Dollar as pressure mounts on Theresa May

CAD rates- Election focus

With little data to be released today it's unlikely we will be seeing much movement on CAD value. USD/CAD rates may see some movement as North-American markets open for trading in the morning with the release of retail sales data in the US, which normally has quite a sway on US Dollar value. Should the data set come in poorly, the CAD with gain against the USD, and likely get a secondary bump against its other currency pairings as capital moves out of the...