Canadian Dollar exchange rates wait on NAFTA

The Canadian Dollar may be poised for a spike in the near term should talks over the NAFTA agreement reach a positive conclusion, at present all signs are pointing to this being a positive outcome.

A positive outcome on NAFTA for Canada will more than likely lead to Canadian Dollar strength as we have seen the Canadian Dollar lose quite a lot of ground in recent months due to the uncertainty of what discussions over NAFTA may bring.

We do need to be cautious however and remember that Donald Trump is involved in these talks and he can be somewhat of a loose cannon, especially when it comes to trade talks, so there is still the potential of seeing the Canadian Dollar weaken away should something happen that makes the talks hit the rails.

Sterling has had a positive 24 hours against most major currencies following news breaking that the EU are apparently prepared to offer Britain a deal that nobody else has had before, and this was taken as extremely positive news for the markets leading to a spike in the value of the Pound against all major currencies in yesterday afternoon’s trading.

Today the market has remained fairly flat so far but it just goes to show that GBP exchange rates are totally open to volatility off of the very smallest piece of Brexit news, and that these updates can be released at any time.

With this in mind if you have a larger exchange to carry out involving buying Canadian Dollars with Sterling or selling Canadian Dollars to buy Sterling then you either need to keep an extremely close eye on the market or you need to have a proactive and reactive currency broker on your side.

If you’d like to benefit from regular market updates then you are more than welcome to contact me directly, and I will be happy to contact you personally for a no obligation discussion about your requirements. Feel free to get in touch using [email protected].

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