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Canadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges

Market CommentaryCanadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges
Canadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges
Image credit: Sam Savine.

Welcome to Pure FX's latest update of the Canadian dollar to pound interbank exchange rate.

This tells you when it's an excellent time to exchange Canadian dollars to pounds, for your money transfer!

The loonie jumps versus sterling! The Canadian dollar to pound interbank exchange rate has hit 0.5748 today, very close to its highest in 14 weeks, or since January 29th.

The Canadian dollar has risen against the pound, because the price of oil, Canada's biggest export, has surged following US President Trump's decision to leave the Iran nuclear treaty.

The CA dollar has climbed, because Brent crude futures, the international standard for oil prices, have hit $77.76 this week, their strongest since November 2014, or 3-and-a-half years.

The oil price has risen, because Mr. Trump has left the Iran nuclear deal and reimposed sanctions. This will restrict oil supplies, as Iran produces 4% of global output, thus lifting the loonie.

What's more, the oil price could rise up to $82.50 a barrel by the summer, forecasts global investment firm Goldman Sachs, due to tensions in the Middle East, so boosting the CA dollar too.

This has strengthened the Canadian dollar, because when oil prices rise, Canada makes more money from selling the black gold abroad. As a result, Canada's economy accelerates!

CA dollar strengthens, as Canada's building permits climb

Moreover, the Canadian dollar to pound interbank exchange rate has also neared this 14-week high, as Canada's building permits jumped in March, said official statistics yesterday.

The CA dollar has flown higher, because Canada's building permits climbed by +3.1% in March, according to Statistics Canada on Wednesday, up to CA$8.4 billion in value.

This has boosted the loonie dollar, because financial markets forecast that Canada's building permits would rise by just +2.0% in March, so Canadian construction has beat expectations.

In particular, Canada's building permits rose in March, as there was a +12.2% rise in apartment building plans in provinces Quebec and British Columbia, thus lifting the Canadian dollar.

This has strengthened the CA dollar, because when Canada's building permits rise, it suggests that Canadian construction firms think that the economy will grow to fill these buildings.

As a result, the Canadian dollar has come close to this 14-week high against sterling, and could continue to climb!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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