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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.

While the pace of building permits rapidly declined during the month of November from 18% m/m to - 4.6% the housing starts indicator did offer a more rosier outlook on the housing market with starts picking up by 174k during December. Finally, house prices modestly improved by 0.4% m/m, in fact there is much debate about impact of the robust house market and if it will lean the central bank to tightening policy sooner, rather than later. The trade balance swung back into deficit territory by 0.34bn as the pace of imports rapidly outgrew the pace of exports as the strength of the CAD continued to benefit the domestic importers. In the week ahead we have an interest rate decision where we expect the BoC to leave rates on hold. However, we do remain vigilant for any commentary surrounding the absolute value of the Loonie and the subsequent impact on the economy.

GBP/CAD Movement – High’s & Low’s of last week (11/01/10 – 15/01/10)

High’s: 1.6897

A movement of: 2.46%

Difference on £200k

High: CAD337,940
Low: CAD329,820

Difference of: CAD8,120

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.


Jon Sermon
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