scotty71

Anyone got any idea why the £ plummeted again gainst the C$ in the last couple of days ?

It's been steadily picking up since early August but has now lost 5 cents since Friday .. :-(

SANDRAPAUL

I spoke with the broker yesterday and the Pound is under a lot of pressure due to some bad data coming online.

Will it go up. No one knows.

P

scotty71

What kind of data, Paul? Just curious .. and wishing the house sale had gone through last Friday instead of next Friday ..:-)

I was expecting a drop when our interest rates went down week or so ago but strangely that didn't seem to happen ..

SANDRAPAUL

I am told that its related to lower than expected growth annoucement, quicker than expected slowdown in manufacturing, higher Inflation - but the person I spoke with agreed that markets/exchange rates are fickle and can change direction for all sorts of reasons.

hawkeye

Went it to Thomas cook today and they offed me $1.96

MarkG

Also, the price of oil may be going up due to a storm in the Gulf of Mexico: the canadian dollar tends to go up when oil does.

I suspect that's more of an issue, since the pound has been going up against the US dollar while dropping against the canadian dollar.

ginaf

:scared: :scared: :scared:

Greedy you know what's (Thomas cook that is!)

Mans

Daylight Roberry!!!!

I guess you are aware of HIFX, Currencies Direct etc etc though normally good for larger transfers

Rgds
Mans.

hawkeye

Yes I do this was just for holiday money, at least we have until Oct.
I have found M&S to be the best at 2.07.

sysclp

They said on the TV today that the CAN$ is at its highest point in a year due to the high price of oil as Canada is one of the major oil producing countries. When oil prices soar, more people invest in Canada apparently which drives the dollar up.

MarkG

The annoying thing is, I was going to transfer a fair chunk of money to Canadian dollars last week, but the bank can't even get the account opened properly. You'd think that in this day and age, you could open an online bank account with a major bank in less than a month...

Guess I'd better be phoning them yet again tonight. I've been budgeting based on a 2.0 exchange rate just in case the Bank of England does something stupid, but the more I get the better .

sukhy2

Mark, I am looking to transfer a lot too.
Who are you using and how much do they charge.
I was quoted 2.17 and 2.14 last friday by two separate currency institutions.
But this week its dropped and i can only get 2.10.
Makes a lot of difference!

MarkG

That was a British bank that I probably shouldn't name given the troubles I've been having with them .

If I remember correctly they were quoting about 0.025 below the official market rate for sterling to canadian dollar transfers... about $2.12 when I first spoke to them, when the exchange rate was between $2.14-2.15.

scotty71

The couple of time I checked with Moneycorp who I've set up an account with they were giving approx 2 cents less than the trading rate showing online .. which would mean that they should be giving around 2.12 as the rate is around 2.145 atm ..

Has anyone tried doing comparisons on the same day from Moneycorp HIFX etc .. wondering how much variation there is ..

CalgaryBlade

As has been stated, CAD now seems strongly linked to the price of Oil.

Oil prices drive up Natural Gas prices and both bring in huge amounts of cash to Canada.

Alberta's income alone:

Increases by $99 million for each $1 increase on the average price of a barrel of oil over a year.

Increases by $99 million for each 10c increase in the price of a giga-joule of Natural Gas over a year.

As for money exchanging, the rates offered between HIFX and Moneycorp always seem similar when we buy or sell. However, in our experience HIFX offer a much better service. Often we have not been able to get in touch with a Moneycorp broker, whereas at HIFX we have a name of a person to ask for.