Currency News

Daily Exchange Rate Forecasts & Currency News

Pound Canadian Dollar Exchange Rate Forecast (GBP/CAD) To Tumble; Pound to US Dollar Rate Predicted To Climb

April 4, 2014 - Written by James Fuller

This afternoon’s Canadian labour market figures were far more positive in tone than their counterpart numbers from the US. The overall level of unemployment in Canada dropped to 6.9% last month, while almost 43,000 new jobs were generated in Canada during March. The Loonie has surged against Sterling as a consequence, sending the Pound Canadian Dollar exchange rate down to as low as 1.8155 GBP/CAD this afternoon. The economic statistics from Canada would appear to make any interest rate cut from the Bank of Canada considerably less likely moving forward. Analysts are now forecasting that the Pound Canadian Dollar exchange rate may dip into the 1.7000s once more as a consequence GBP/CAD.

This afternoon’s US labour market figures made unpleasant reading for investors holding Dollar-denominated assets. The closely-monitored Non-Farm Payrolls element of the data revealed that a lower than anticipated 192,000 jobs had been generated in the world’s premier economy last month, however it was the overall unemployment figure which may anchor the Greenback for weeks to come. The total level of joblessness in the States remained static at 6.7% last month – the consensus opinion amongst analysts was that the number would show a fall to 6.6%.

The apparent reluctance of the total level of unemployment in the States to fall makes it more likely that the US Federal Reserve will slow down the pace of its Quantitative Easing tapering as the year progresses. Many investors are of the opinion that the Federal Reserve Chairperson Janet Yellen is looking for an excuse to slow the Fed’s QE cuts – after all, she was an architect of the controversial asset purchase scheme. Today’s jobs numbers may provide a perfect excuse to carry out such an action. The Pound US Dollar exchange rate bounced off its intraday low of 1.6549 following the release and was trading at close to 1.6600 a short time ago GBP/USD.

Relevant Exchange Rates for Transferring Money to Canada (Updated: 20:00 GMT 04/04/2014)



The Pound Sterling to Canadian Dollar exchange rate is trading down -0.6% at 1.82077 GBP/CAD.
The Euro to Canadian Dollar exchange rate is trading down -0.6% at 1.50522 EUR/CAD.
The US Dollar to Canadian Dollar exchange rate is trading down -0.5% at 1.09807 USD/CAD.
The Swiss Franc to Canadian Dollar exchange rate is trading down -0.55% at 1.23173 CHF/CAD.
The Hong Kong Dollar to Canadian Dollar exchange rate is trading down -0.49% at 0.14157 HKD/CAD.
The Australian Dollar to Canadian Dollar exchange rate is trading up +0.07% at 1.01961 AUD/CAD.
The New Zealand Dollar to Canadian Dollar exchange rate is trading down -0.05% at 0.94351 NZD/CAD.
The Norwegian Krone to Canadian Dollar exchange rate is trading down -0.42% at 0.18302 NOK/CAD.
Advertisement
The Japanese Yen to Canadian Dollar exchange rate is trading up +0.09% at 0.01063 JPY/CAD.
The South African Rand to Canadian Dollar exchange rate is trading up +0.28% at 0.10397 ZAR/CAD.
Like this piece? Please share with your friends and colleagues:

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.


TAGS: American Dollar Forecasts Canadian Dollar Forecasts Currency Predict Forecasts

Comments are currrently disabled