The Pound was jumped up and down yesterday severely against all major currencies, particularly on buying Canadian Dollar exchange rates.
Volumes of news was being released at the time from this side of the channel, and this was exaggerated as well by the ripple effects from the OPEC meeting earlier this week.
The Pound bounded upwards rapidly yesterday morning following the softening tone of the men spearheading the Brexit negotiations in regards to some key features pertinent to financial markets.
Firstly , Boris Johnson, the Foreign Secretary, detailed to ambassadors that he was ‘all for the free movement of people’. Painting a stark contrast to Boris’s campaign rhetoric for the Leave campaign, but also showing a degree of leniency on what is a cornerstone feature in accessing the European single market.
Secondly, David David, the Secretary for Exiting the European Union, stated that it was quite likely that the UK will end up paying for access to the European single market following its eventual disentanglement from the European Union. Again presenting the picture of a softer Brexit compared to the harder picture Theresa May and her peers were presenting to markets previously.
The Pound surged from this double market mover, but we were once more presented with just how much hypersensitivity is present in the marketplace. The gains made by the Pound evaporated rapidly with profit taking from such severe movements, coupled with the greater confidence in the Canadian Dollar following the release of the latest OPEC meeting stating that they would finally cut production to meet demand, GBP/CAD is back to where we began the week.
In such a volatile market it is imperative that you are kept up to date with new forecasts, and as such I offer a proactive service to meet such demands on behalf of my customers. You can reach me on firstname.lastname@example.org to discuss a strategy for your transfer aimed at maximising your currency return.
It’s been another volatile day for GBP/CAD exchange rates, with approximately two and a half cents movement on the pair during Thursday’s trading.
Sterling received a welcome boost this morning following apparent comments made by Boris Johnson, regarding the free movement of people within the UK following our upcoming Brexit. This immediately gave the Pound a boost, with GBP/CAD rates hitting 1.6980 at today’s high. Johnson was quick to speak out against this and claimed he had in fact never made the statement and the Pound lost value as quickly as it had gained it.
GBP/CAD rates are now floating around 1.6750 on the exchange and with the OPEC deal yesterday likely to boost the value of oil, one of Canada’s main exports, we could see the CAD benefit further over the coming days.
There was further positive news for the Canadian economy following the release of yesterday’s Gross Domestic Product (GDP) figures. These indicated that the Canadian economy had grown by 3.5% in the third quarter of this year, with second quarter figures revised up to -1.3%. This combined will help support the CAD’s value and as such it may be wise to lock in any short-term requirements for those clients holding the Pound.
I would be extremely cautious about assuming the recent positive trend for Sterling will continue at any great pace and I would look at the improvements seen over the past month and take advantage, rather than gamble on what is still an extremely unstable and fragile market.
If you have an upcoming GBP or CAD currency exchange to make and you are concerned by the increased market volatility of late, it may be wise to look at protecting the gains you’ve made, or limiting your losses with one of our forward contracts, rather than gamble on what has become an increasingly volatile and unpredictable market.
If you would like to be kept up to date with all the latest market movements ahead of your currency exchange, or simply wish to compare our award-winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on email@example.com
Finally. Whilst the OPEC meeting has been all over the news as of late, similar meetings have been happening earlier this year and in 2015 already.
Oil prices have been un-sustainably low for a prolonged period of time – to the point where most major companies have been losing billions just to keep themselves open. Meetings have continued to be held and then negotiations have broken down. With the value of the Canadian Dollar rising and falling when the initial hope of a deal being reached was later quashed.
With so many actors involved, many of them the Heads of State for the likes of Saudi Arabia and Iran, it was always going to be difficult to reach an agreement.
However we are finally here. Output was agreed to be cut by 1.2 million barrels per day spread between all actors was the agreement. Though the figure itself seems staggering to read it is actually more of a minor concession.
The news bodes well for the Canadian Dollar due to its great dependence on oil exports as part of its GDP. Cutting output makes it more likely that oil prices will rise as there is less supply to compete with. Oil prices were already up from $46 to $50 per barrel off the back of the news.
However, the Pound is still enjoying its own run at the moment. Expectations of a Brexit managing to be delayed and amended to take a softer tact have instead moved rates up higher than where GBP/CAD began the day yesterday.
Given that this news for an oil production cut has been waiting for more than a year, and the Pound is still gaining against its major pairings, CAD sellers may be wise to take the current favourable deals on the table.
I strongly recommend that anyone with a planned Canadian Dollar transaction in the future should contact me on firstname.lastname@example.org to discuss a strategy for your transfer aimed at maximising your Sterling return.
I have never had an issue beating the rates of exchange on offer elsewhere, and these current buying levels can be fixed in place for anyone planning a foreign currency transfer in the future.
This afternoon has seen some interesting developments with the OPEC meeting leading to apparently an agreement which would see the members reach agreement on cutting output. Markets have improved this afternoon as confidence returns and investors place bets on future moves. GBPCAD is fairly steady but the pound has risen against most currencies.
The Canadian dollar is stronger at the moment relatively speaking since the Canadian dollar is looking like it will benefit in the future from a higher oil price. The expectation for the future is that as the Canadian economy is heavily dependent on Oil exports which account for 20% of their total exports. If you are looking to buy Canadian dollars in the future then many commentators expect we could see some better rates for Cad sellers looking to buy GBP as the Cad strengthens longer term.
For more information on what to expect moving forward there are important things to consider which will determine the future path. Getting plans in place is a great way to minimise your risk from losing out if markets take an unexpected turn Next month the Italian Referendum and the US Interest rate decision could see some big swings on GBPCAD rates so if you are planning an exchange making plans sooner than later seems the safest bet!
For more information at no cost or obligation please speak to me Jonathan by emailing email@example.com
The Canadian dollar has seen a huge amount of volatility this week as the price of oil has been fluctuating ahead of the Organisation for petroleum Exporting Countries (OPEC) meeting today.
The Canadian dollar is affected by the price of oil as it is a commodity currency and because Canada is a net exporter of oil.
A rise in the price of oil is generally good for the Canadian dollar. The meeting today in Vienna is important as there has been much discussion in recent months between members to cut production to try and raise the price of oil. However this has been going on for years with little progress and a virtual stalemate.
It is expected that there will be a concerted effort to cut oil production. This is likely to have knock on effects for all of the major currencies so it one to be aware of and the Canadian dollar could see a jump higher. Clients looking to buy Canadian dollars would be wise to get in touch before the meeting to consider the impact and the options open.
In my view even if an agreement is made today it will be hard to stick with it going forward as the whole set up is fraught with problems. As such there may be a spike for the Canadian dollar although it is unlikely to last that long. GBP CAD may see short term drop later today.
If you have an upcoming currency requirement either buying or selling Canadian dollars and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org
The Sterling to Canadian Dollar exchange rate tested the 1.70 mark during the height of the Pounds recent surge.
Sterling was boosted substantially by the election of Trump, and it was the Trump factor along with the High Courts vote in favour of the UK Prime Minister needing parliamentary approval before beginning the Brexit process that has really given the Pound a boost.
During the height of Sterling’s recent surge the highest the GBP/CAD pair hit was 1.7022 back on the 14th of November, and since then the Pound has run out of steam.
Whilst the Canadian Dollar could see some weakness of it’s own in the short term future, as the commodity linked currency could see some big movements tomorrow as OPEC will be having a meeting regarding oil production (CAD is heavily linked to the price of oil per barrel), I’m not expecting to see the GBP/CAD pair breach 1.70 this side of the new year as I think the Pound is likely to come under additional pressure.
If the governments appeal against the High Courts decision is successful, I’m expecting to see quite a sell-off in the Pound as the currency gained when the decision was made.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well be worth your time getting in contact with me on email@example.com in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
Sterling vs the Canadian Dollar has gone in an upwards direction as oil prices are predicted to fall as Russia has said that it will not attend the current OPE meeting due to take place tomorrow.
As the Canadian Dollar is a petro-dependent currency any fall in the value of oil prices causes the Canadian Dollar to weaken vs Sterling and this is what has happened over the last 24 hours.
Many countries want to see a reduction in oil output to allow the price per barrel to increase but at the moment there appears to be a stand off between some of the members as some want to increase production which will inevitably lead to problems for the Canadian Dollar.
Canadian GDP data is due out on Wednesday morning and the Canadian economy has seen signs of recovery over the last year and in particular the economy has improved since the wildfires earlier this year which caused shutdowns in Fort McMurray.
However, in the short term I think the OPEC meeting will be the main influence upon Canadian Dollar exchange rates and if the meeting does not go well I expect the Pound to make some quick gains vs the Canadian Dollar today and for the rest of the week.
On Friday Canadian unemployment data is due out with expectations for 7% so anything different could also cause movements for GBPCAD exchange rates.
Having worked in the industry since 2003 for one of the UK’s leading currency brokers I am confident that not only can I offer you bank beating exchange rates but also help you with the timings of your currency transfer.
If you need to buy or sell Canadian Dollars and would like a free quote then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org
Alternatively call me directly on 01494-787478
There is speculation the Bank of Canada (BoC) are considering cutting interest rates at the next meeting due on 7th December. BoC governor Stephen Poloz is due to speak during the early hours and any hint of a change in monetary policy will no doubt send traders into a frenzy.
With a rise in oil prices, Canada will want to be at the forefront of supply and a rate cut would certainly assist in making Canada’s oil reserves more attractive.
OPEC are currently in meetings in Vienna with a view to restricting oil supply. It does not look as though the negotiations are going through smoothly, so the Canadian Dollar could remain at current buoyancy levels until negotiations come closer to completion. Oil represents over 20% of Canadian exports. Canada is currently not part of OPEC but OPEC’s actions will influence the price of oil and in turn influence the value of the Canadian Dollar.
We do have Canadian GDP data on Thursday and employment data on Friday. Which could change the value of the Canadian Dollar. Personally I would not run the risk if I was selling Canadian Dollar and would take advantage of current levels.
If you are looking to perform a currency trade I will be happy to assist. It is important to be in touch with an experienced broker so they can be your eyes and ears in the market and help you make an informed decision. If you let me know the currency pair involved, time scale and a ball park figure as to the size of your transfer I will endeavour to come up with a no obligation, individual trading strategy. Working for one of the top brokerages in the country, Foreign Currency Direct, enables me to confidently say I can beat almost any competitors rate of exchange. I can be contacted at email@example.com if you would like my help.
The central level for buying Canadian Dollars using Sterling, GBP/CAD, has pipped above 1.68 once more, continuing to test these recent two month highs for the Pound, and this was all down to the Autumn Statement yesterday for the UK.
The two key points were Phillip Hammond’s (the Chancellor of the Exchequer’s) praise of the success of the Bank of England’s recent intervention to protect the UK economy from the recent shocks of the Brexit, and also to better growth forecasts than initially expected.
The Bank of England, following the vote to Leave the European Union, intervened immediately to cut interest rates in the UK economy and bolster their quantitative easing program in order to flood financial markets with cash and keep the economy ticking over in the short term. The ploy worked. The FTSE, the UK stock market, reached record highs and lending in the UK was only hit to a small degree.
Hammond’s vindication of their intervention shows confidence that the UK is on a surer footing, which quelled fears of further interest rate cuts and further QE which would have impacted the Pounds value should such emergency measures have to be utilized.
Furthermore, Hammond’s growth forecasts, while lower the pre-Referendum expectations for the UK economy are actually substantially higher than the initially gloomier forecasts first envisaged.
As such GBP/CAD is tracking higher and does not show much sign of slowing down in the near term.
CAD sellers may be wise to secure an exchange rate in the short-term to buy Sterling giving that this rates are historically overwhelmingly in your favour at the moment.
I strongly recommend that anyone with a Canadian Dollar buying or selling requirement should contact me on firstname.lastname@example.org to discuss a strategy for your transfer in order to maximise your Sterling return.
I have never had an issue beating the rates of exchange on offer elsewhere and these current levels can be fixed in place for anyone planning a transfer later in the year or early next year and wish to secure a rate now, you can effectively pre-book your currency at today’s rates for a later date.
After posting a positive start to the week the Pound is once again on the decline against the Canadian Dollar.
The GBP/CAD pair did hit an almost 2 month high of 1.70 within the past week, but a combination of oil prices rebounding to their strongest levels since October and some better than expected retail sales data out of Canada today has given the Loonie the advantage for now.
Despite the Canadian Dollars fightback the Pound is still holding onto much of it’s recent gains after the GBP/CAD pair were trading as low as 1.59 around the middle of October.
If oil is to continue to climb and the Brexit related updates suddenly take a turn for the worse, I expect to see the Pound continue to decline and I wouldn’t rule out a return to the levels of last month.
If the governments appeal against the High Courts recent ruling regarding article 50 is successful, I expect to see the Pound decline once again as this kind of update is highly likely to be considered Sterling negative within financial markets.
Tomorrow could be a busy day for GBP as the Autumn Statement will take place whereby the Chancellor of the Exchequer, Philip Hammond will be giving his first statement. Feel free to get in touch if you wish to be kept updated regarding the outcome.
If you are planning a currency exchange between GBP and CAD, its worth your time getting in contact with me on email@example.com in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.