GBP/CAD April Currency Update

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The Canadian Dollar joined most of the major currencies in losing ground to the US Dollar. Continuing concerns over the situation in Greece has led to a flight to the USD as a safe haven.

The BoC has pledged to keep its key rate at its current low of 0.25% until the end of June so long as inflation remains tame. The central bank became the first in the Group of Seven countries to hint it may raise interest rates, possibly as early as June 1, as the economy heals after recession (currencies usually strengthen as interest rates rise as higher rates usually attract more investment).

Oil, gold and base metal prices all rose, which added further support to the commodity-linked currency.

Current Central Bank Rates:
BOC (Bank of Canada): 0.25%
BOE (Bank of England): 0.50%

GBP/CAD Highs & Lows of April:
High: 1.5640
Low: 1.5137
A movement of: 3.32%

Difference this would make on £200k
High: CAD 312800
Low: CAD 302740

A difference of CAD 10,060.


All of the information above can be explained clearly by your personal dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email info@hifx.co.uk.

Kind regards

Mark Bodega
Director - HIFX