Windsor2

As promised here’s a brief update on what’s been happening with the Canadian Dollar over the last week.

Rising energy and commodity prices are raising “the loonie” heading into Q3. Furthermore, housing starts came in just below expectations at 189.3K, and some are suggesting that this positive news has increased the expectations that the BoC will raise rates this month.
The CAD was up midweek due to an announcement that the IMF International Monetary fund is upgrading it’s growth forecast for 2010. CAD also continued to rise on the back of much better than expected job numbers for June. There were 92.3K more jobs in June despite predictions of a 20.0K rise! The big and unexpected rise led to the unemployment rate dropping from 8.1% to 7.9%.


GBP/CAD movement – High’s & Low’s of last week (5th July – 9th July)
High’s: 1.0678
Low's: 1.0296

A movement of 3.71%

Difference on £200,000
High: CAD 213,560
Low: CAD 205,920

Difference of: CAD 7,640

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

Regards


Mark Bodega
Director - HiFX