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Currency Market News

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Best Canadian Dollar Rates
23 October 2014

The CAD (Canadian Dollar) has had some serious movement over the past two years and thankfully since the start of 2012 it has only improved in favour of the GBP.

Towards the end of 2012 the CAD performed at a very steady rate staying in and around 1.59-1.60 but thankfully this was near the lowest rate point it has been in the past two years (barring a slight dip in 2013 where it hit 1.54). Inevitably we saw a slight halt in people purchasing the Loonie (Another term for the Canadian Dollar as the currency bears a Loon Bird) this changed in 2013.

The start of 2013 was a slow start for any CAD improvement as the Canadian Dollar rates continued to stay steadily amongst the 1.59-1.60 we were seeing towards the latter stages of 2012. This all changed after May 2013 when we saw we saw a drastic rise in the rate leading up to July 2013 as the Loonie fought back and rose to 1.62 mid June, we saw a slight fluctuation in the rates as it dropped back to the 1.57’s in mid July dropping even further to 1.56 in August. The prognosis was looking slightly bleak for the CAD until a hike in rates saw it drastically improve toward the end of August reaching a two year high of 1.63, after this things only improved for the Loonie.

After fighting back to 1.63 things only got better for the CAD towards the close of 2013 start of the 2014 as the rates SKYROCKETED to a high of 1.84 this saw an influx of people snapping up the CAD due to its fantastic rise ! The Loonie has held strong until today only dropping to 1.81 which is in and around the current rate for today.

Some of the main reasons we have seen such a fluctuation in the rate for the CAD are the following:

  • Canadian employment rates

  • Rise in Interest Rates from the Bank of Canada

  • State of Canadian Economy

Now is a fantastic time to obtain a rate from your broker as the rate for Loonie is extremely favourable for the buyer, also with the unfortunate shootings at the Canadian Parliament building we could see a drop in the rates so now is the best time to call in and get a rate.

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