Weekly Currency Update - GBP/CAD week ending 6th November

[Windsor02]

Hi All,

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

GBP/CAD opened and closed at 1.78 last week with sterling largely unchanged and the initial Canadian dollar strength, on the back of a rising gold and oil price, quickly surrendered after Canadian jobs data showed an unexpected drop in employment, dashing hopes of a quick economic rebound.

The economy lost 43,200 jobs in the month after two months of gains, pushing the jobless rate up to 8.6% from 8.4%, the Canadian authorities revealed on Friday.

Market attention now shifts to September’s trade balance due on Friday, with the deficit seen narrowing to CAD1.75bln from CAD1.99bln in August, despite recent CAD appreciation.


GBP/CAD Movement – High’s & Low’s of last week (02/11/09 - 06/11/09)

High’s: 1.7899
Low’s: 1.7489

A movement of 2.34%

Difference on £200k

High: 357,980 CAD
Low: 349,780 CAD

Difference of: 8,200 CAD

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.

A further update will be added next week.

Regards




Jon Sermon
HiFX