Buying Canadian Dollar rates see momentum going into the weekend (Joshua Privett)

For anyone holding Sterling, buying Canadian Dollars had the best day of it on Friday despite still recording some losses.

The Pound has had a seriously difficult time recently each Friday like clockwork against all of its currency pairings.

The question marks over the Pound’s status is never more apparent than on Friday afternoons. The phenomenon of profit-taking in the market place is becoming an expected event each week on the currency markets.

The actors who move the average exchange rates every few seconds which you may see on your screen are high street traders at banks who move the copious volumes necessary to make such an impact.

Whilst the Foreign exchange market is the largest in the world, the risk is just as large. They have to decide a stable currency with which to allocate their profits into whilst they are away from their desk and unable to protect their positions from adverse movements.

The Pound, in understandable fashion in this uncertain Leave-vote atmosphere, is very low on this particular list and thus loses heavy value on Fridays with its demand plumetting.

Whilst this did happen for GBP/CAD rates initially, CAD buyers were saved from some very concerning signs of low inflation in the Canadian economy which came out on midday on Friday.

This paints its own view of a few months of poor growth for the Canadian economy, particularly given that oil prices have not fallen enough to justify such drastic drops in buying activity in Canada.

As such, Canadian Dollar sellers may wish to move sooner rather than later, as it seems that markets have ‘bottomed out’ in the short term.

I strongly recommend that if you have a GBP/CAD requirement, whether buying or selling, you should contact me on jjp@currencies.co.uk to discuss a strategy for your transfer in order to maximise your currency return. I have never had an issue beating the rates of exchange offered elsewhere, and these current selling levels can be fixed in place for anyone planning a CAD sale into Sterling later in the year.

US Federal Reserve keep interest rates on hold and the impact on the Canadian Dollar (Tom Holian)

The Pound vs the Canadian Dollar has stayed relatively stable overnight as the US Federal Reserve decided to keep interest rates on hold at 0.75%.

There was a chance that the US would increase interest rates but owing to the US general election due in less than 2 months time it could be argued that the Fed are being cautious at the moment about changing monetary policy.

The movement of the Canadian Dollar is often affected by what happens in the US and owing to the lack of any interest rate hike that has kept the Canadian Dollar strong against the Pound.

The rate to buy Canadian Dollars with Sterling is now at its lowest point in 4 weeks so if you’re looking to buy Canadian Dollars then it may be worth looking at getting things organised before the rates continue to decline further.

Canadian Retail Sales are due for release tomorrow afternoon and this could cause some volatility for GBPCAD rates following the data announcement.

Inflation data for Canada is also due out tomorrow afternoon and movement in inflation typically has an effect on a central bank’s policy.

The expectation is for 2% which is steady and on target compared to what the UK is experiencing so it could be argued that this will be positive for Canada and therefore we could see GBPCAD exchange rates drop below 1.70.

If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian teh@currencies.co.uk

I look forward to hearing from you.

 

 

GBP CAD Falls Further on Brexit (James Lovick)

GBP CAD exchange rates continue to slide lower as concerns over Brexit return to the markets. The uncertainty surrounding what trading arrangement the United Kingdom will in fact have with the EU is putting pressure on sterling exchange rates across the board once again.

The mood was looking more positive for the UK following upbeat data but there is clearly a downturn in trading prices at present. There is currently an excellent opportunity for anyone selling Canadian dollar for pounds. Moving forward the Brexit uncertaity will continue to puzzle the markets with further swings expected before the New Year.

There are a number of data releases from Canada at the end of this week which are likely to have a substantial impact on the Canadian dollar.

Retail sales numbers are released on Friday as is Consumer price Index inflation numbers. Retail sales are expected to show a small improvement which could see a bounce for the dollar. Inflation numbers however are expected to show a small drop which could see the reverse happen.

If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one then I can help you with this.

Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me James Lovick directly on jll@currencies.co.uk  and I will be more than happy to contact you personally to discuss the various options we have available to you.

Will GBPCAD rates slip below 1.70?

GBPCAD rates have fallen and could easily fall below the 1.70 mark if we see fresh worse news for the pound and the Canadian dollar keeps performing well. The pound to Canadian dollar rate has already been below 1.70 this year falling in July and August touching 1.66. Expectations that Brexit might not be that bad have helped lift the pound but this is not looking so good now. Market focus is firmly back on the problems likely to be ahead with Brexit and with the consequences of what is increasingly seen likely to be a ‘hard’ Brexit.

Much attention will focus on the United States today and this evening as learn of whether or not the US will raise their interest rates once again, most analysts expect not but that we will see further guidance on rate hikes for the rest of the year. This should lead to some volatility on GBPCAD rates since the actions of the Federal Reserve impact attitudes to their closest neighbour Canada. Canada does a large portion of its trade with the US so what is happening in economic terms in the US and with the USD will usually be mirrored by the Canadian dollar.

Friday afternoon is Canadian Retail Sales and Inflation data. Both figures are set to show improvements, which would represent an economy that is growing which should help the currency strengthen. It has been a tough year for the Canadian currency and the Canadian economy following the Alberta Sands Fires in the Spring, this is estimated to have knocked up to half a percent off their GDP. Any signs the economy is back on track will lend support to the arguments that the Canadian dollar is set for further gains against sterling in the future.

To learn more or discuss a currency transfer you need to look at please contact me Jonathan on jmw@currencies.co.uk, I look forward to hearing from you.

GBP/CAD falls again as ‘Brexit’ fears begin to weigh on the Pound once again (Joseph Wright)

The Pound has fallen across the board once again today as Brexit fears have once again begun to instill fear within financial markets.

The Pound had been gaining in value towards the end of last month and also at the beginning of this month, but that trend has now been reversed. The catalyst for this decline seems to be the most recent Inflation Figure released by the Office for National Statistics which showed that inflation is currently at 0.6% which was below their expectations.

It’s now been announced that the UK prime minister, Theresa May, may look to begin the process of the UK’s EU separation as early as the beginning of next year and i think this too has weakened the pound as many would have hoped for a delay in it’s invocation. Any talk of delaying the invocation of Article 50 has generally been met positively by financial markets so the suddenness of this announcement may have dampened investors spirits.

With regards to the Canadian Dollar, it has been under pressure itself recently due to volatile oil prices. Oil is the Country’s largest export so oil’s value can impact the Loonie and therefore GBP/CAD exchange rates. Those with a currency requirement involving GBP/USD should pay close attention to oils value for these reasons.

If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one then I can help you with this.

Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me (Joseph Wright) directly on jxw@currencies.co.uk and I will be more than happy to contact you personally to discuss the various options we have available to you.

 

 

When Do I Trade GBP/CAD? (Matthew Vassallo)

GBP/CAD rates have dropped over the past week, with a run of inconsistent UK economic data handicapping any further Sterling advances. The pair are now trading near 1.72 on the exchange and as I eluded to in my previous posts, the Sterling strength seen earlier this month proved not to be sustainable. As such, any clients who did not protect their positions will now be questioning whether we will see a recovery over the coming weeks.

Whilst it is very difficult to predict exactly how the market will evolve, it has become clear that investor confidence in the UK economy and ultimately the Pound is extremely low. Sterling positions remain fragile and as such I would not be prepared to gamble on an improvement, when there is no tangible evidence to support it. The silver lining for those clients looking to buy CAD with GBP is that the Pound did find a foothold at the beginning of the month and this was not anticipated or predicted. In fact, based on previous forecasts GBP/CAD could be trading at least five cents lower than it currently sits.

With so much uncertainty hanging over the UK economy it’s no real surprise to see the Pound struggling. We keep hearing different opinions of when Article 50 will be triggered, which will ultimately trigger our Brexit, and these range from February 2017 to the end of 2018 or even beyond. This is what is causing investors to sell off their GBP positions and as such the Pound’s value is decreasing. Until this market uncertainty is removed I feel there will be a cap on how far Sterling can rise and whilst it’s difficult to pin point an exact benchmark this could be as low as 1.80/1.85. Whilst these levels seem very attractive in the current climate are you prepare to gamble on a potential 10 to 20 cent loss in order to gain five? These are the questions investors and clients need to ask themselves because whilst market conditions can change quickly and aggressively, there is no easy way to gauge how long the current trend will last.

If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one, then I can help you with this.

Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the UK, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me Matthew Vassallo directly on mtv@currencies.co.uk and I will be more than happy to contact you personally to discuss the various options we have available to you.

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 Canadian Dollar and this announcement is another setback for the Pound vs the Canadian Dollar.

Combined with UK inflation falling to 0.6% from the expectation of 0.7% the Bank of England could be getting ready to cut interest rates again at their next meeting due to held in November.

All the uncertainty that is surrounding Sterling is causing the Pound to fall against the Canadian Dollar and until we have some assurances from the UK government as to when Article 50 may her triggered I expect Sterling to have a very difficult period coming up against the Canadian Dollar.

If you need to make a currency transfer and want to save money on exchange rates compared to using your own bank or another currency provider then contact me directly for a free quote. Having worked in the industry for 13 years I am confident of being able to make you a saving.

Email me directly Tom Holian teh@currencies.co.uk

GBP/CAD Rates drop into low 1.73’s (Ben Fletcher)

Sterling has had a steady climb against CAD over the last few weeks; however this has slowed in the last few days. With the likelihood of a FED interest rate raise before the New Year, this trend could be set to continue.

Whilst commodity currencies tend to have more favourable interest rates, their risk potentials make them less attractive for long term investment. The US Dollar on the other hand, which is seen as a safe currency could be subject to an interest rate decision in the near future making it an even more attractive prospect. The FED which was expected to raise rates previously looks likely to complete the hike by the end of the year and this could massively strengthen the USD.   

This could have an adverse effect on the CAD both through making the US a potentially more attractive place to invest, but also making Canada’s main trading partner more expensive. If the CAD weakens and the USD directly strengthens then buyers of US goods would suffer, however US buyers would potentially purchase more Canadian goods.

If you have a transfer and would like some further updates why not find out if I could be of assistance? Please send me an email to brf@currencies.co.uk I could potentially help with information and a better rate of exchange.

Buying Canadian Dollars – GBP CAD Near 10 Week High (James Lovick)

The pound continues to see a strong recovery against the Canadian dollar on both a more optimistic mood in the UK economy post Brexit but mainly also due also a gradual weakening in the dollar. The recent fall in the price of oil has highlighted how global confidence has been dented and the focus is being placed on the ability of what central banks can in fact do to restore confidence and keep markets moving.

The Canadian dollar has suffered as a result as Canada is a net exporter of oil and so any price pressures as we are seeing now has a negative impact on the currency.

GBP CAD is now sitting close to a 10 week high which has presented buyers with a better opportunity to buy Canadian dollars. Rates for this pair would be higher but the pound is being held back on Brexit concerns which are likely to continue for some time whilst uncertainty remains as to what trading relationship Britain will ultimately have with the European Union.

There may be a little more room in the sterling rally although gains beyond here are likely to be limited. The pound is already struggling to make further gains against the other major currencies on these Brexit concerns so it really is about looking for these spikes in the markets and taking advantage of them when they arrive.

If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one then I can help you with this.

Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me James Lovick directly on jll@currencies.co.uk  and I will be more than happy to contact you personally to discuss the various options we have available to you.

GBPCAD latest news (Dayle Littlejohn)

Since the Brexit vote in June GBPCAD has dropped from 1.9035 to 1.7372. For Canadian Dollar sellers 200,000 CAD into sterling will now achieve you an additional £10,000!

Looking ahead on going talks between Russia and OPEC countries in a bid  to reduce a flooded oil market will be a major talking point. If an agreement is put in place, the price of oil should rise which could cause the Canadian Dollar to strengthen.

As for the UK, economic data will continue to impact the value of the pound. I believe economic data will be mixed however the majority will show a contraction therefore GBPCAD could fall further.

If you are buying Canadian Dollars with the pound it may be worth cutting your losses and trading sooner rather than later.

The currency company I work for enables me to buy and sell Canadian Dollars at rates better than other brokerages and high street banks. If you are buying or selling euros this year feel free to send me the currency pair you are trading (CADUSD, CADEUR, CADGBP) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair drl@currencies.co.uk. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn