Canada Dreams

that was our first thoughts when we heard that heres hoping

dazzlerdaz

I really don't know whether to change mine now or wait until just before we come over in November ?
I dont want to be getting $1.50 in 2 months and then thinking i should have cut my losses and got $1.85 when i could :curse:

Canada Dreams

well we just sent som efunds over and got 1.87 with nationwide building society who we bank with.

dazzlerdaz

Going to bed now and praying for $2 in the near future (6-8 weeks)

Danny B

Sterling slips further on OECD assessment
- No change from Bank of England
- Canadian employment data impress

It was another losing week for Sterling. Having started out at $1.9250 the Pound moved steadily lower, hitting $1.87 on Friday. A weekend bounce saw it trading above $1.8950 in early trade this morning but it was struggling at $1.88 by the time London opened.

It seemed last Monday that after the shock of chancellor Alistair Darling's depressing assessment of the British economy things couldn't get any worse for the Pound. They could. On Tuesday the Organisation for Economic Cooperation and Development went halfway to agreeing with the chancellor. According to one broadsheet headline the "OECD says UK is worst placed in G7 to withstand global downturn". The news drew attention to the chancellor's U-turn since his budget speech six months ago when he reassured parliament that "Britain is better placed than other economies to withstand the slowdown in the global economy."

Nothing went well for the Pound for most of the week. The Bank of England's count of monthly mortgage approvals hit its lowest level since the numbers were first recorded in 1993. At 52, Nationwide's consumer confidence index was within a point of the previous month's record low. HBOS reported an annual 11 per cent fall in house prices. Some help could have come from improvements to the Purchasing Managers' Indices for Britain's construction, services and manufacturing sectors but the good news was drowned out by the litany of woe coming from every other side.

With very few data on the card the two things that drove the Loonie last week were interest rates and employment. As in London, Ottawa's interest rate announcement was expected to be a non-event and turned out to be just that. The policy overnight rate was unchanged at 3 per cent and the Bank of Canada gave no inkling of which way it might jump next, other than to observe that it expects inflation to be back on track at 2 per cent in a year's time.

The jobs data were altogether more interesting. Although local analysts are dubious that the figures represent any more than a flash in the pan, the increase of 15,000 - mainly full-time- jobs stood in stark contrast to the fall of 81,000 in non-farm payrolls south of the border.

It remains to be seen what next month will bring but last week's Canadian employment data were as helpful as they could be, especially coming just a few days after confirmation that Canadian net GDP growth was negative in the first half of the year [but not technically a recession because the two quarters were not both negative].

Last week's economic data leaned in favour of the Canadian Dollar but there is no consistent pattern. Both countries are running with interest rates that could change next month... or not. With no compelling argument in favour of either currency, buyers of the Canadian Dollar should continue to hedge, buying half their requirement forward.

dazzlerdaz

What to do ?

geedee

Go and get drunk, and say to yourself (a lot) "it's only money"!!

dazzlerdaz

At last .....some good advice. Thanks geedee

snowboardboy

1.885! Its going up Thats got to be good news!

Canada Dreams

im off to the pub to get pi**ed, staying there until i see a rate to come out for

Edna Bucket

I cannot remember a time when Moneycorp did NOT say that!!!!!!!!!!!

dazzlerdaz

I think i`ll join ya

Canada Dreams

im still waiting ????????????????????????????????

geedee

"The Canadian crosses are still doing well as CAD gains are more or less offsetting the EUR and GBP strength. The loonie has appreciated markedly against the other majors excluding the Yen during the last month and may be ripe for a directional change"

Fingers and everything else crossed!!

If the pound can drop that quickly, there's no reason it can't rise at the same speed.... is there??

AndyBCbound

HERE ,HERE lets get canadadreams out the pub