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Hi All,

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

Data releases provided little surprise last week, with manufacturing sales upbeat in December, inflation was in line with the BoC target at 2.0% for Jan. Despite the firm reading we do not expect the BoC to raise rates any time soon.

Retail sales improved in December but fell short of expectations. The data calendar is relatively light this week, with the highlight being the Q4 current account which should narrow after 4 consecutive months of deterioration.

The CAD has found general support in firm commodity prices which rallied after the risk aversion fears relating to Europe dissipated.

GBP/CAD movement – High’s & Low’s of last week (15th Feb – 19th Feb)

High’s: 1.6509
Low's: 1.6065

A movement of 2.76%

Difference on £200,000


High: CAD 330,180
Low: CAD 321,300

Difference of: CAD 8,880

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
 
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