The Canadian dollar (CAD) was one of the best performing currency exchange rates in February 2016 "as it reversed a good part of the January sell-off" as indicated by Scotiabank economists in their latest exchange rate forecast. Where next for USD/CAD in forecasts?

In February, the Canadian dollar (CAD) exchange rate complex was one of the best performing currency units on this year's foreign exchange markets.

With Canada’s economic future currently in question due to unfavourably low crude oil prices, the Canadian Dollar has however been softened recently by news coming from Canada’s Finance Department.

Although the cost of gold per 100 ounces is currently at a weekly high of $1267.3, it has emerged that the Canadian government has actually sold a vast majority of its gold reserves, with current estimates placing a value of approximately $130,000 on the remaining.

While the government has obviously profited from offloading its reserves of the precious metal, it remains to be seen if selling off almost all of the nation’s reserves at the present time won’t cause hardship further down the line.

Foreign Exchange Rates UK News

Stay on top of the important fx rates with these results:

On Saturday the Pound to Canadian Dollar exchange rate (GBP/CAD) converts at 1.706

The CAD to GBP exchange rate converts at 0.586 today.

The CAD to EUR exchange rate converts at 0.64 today.

FX markets see the canadian dollar vs us dollar exchange rate converting at 0.757.

Please note: the FX rates above, updated 19th Sep 2020, will have a commission applied by your typical high street bank. Currency brokers specialise in these type of foreign currency transactions and can save you up to 5% on international payments compared to the banks.

CAD Exchange Rate Forecasts: Canadian Housing Stats and BOC Interest Rate Decision due Next Week

Friday afternoon brought only once piece of high-impact Canadian data today, which was the pessimistically predicted Ivey purchasing managers index for February.

Looking ahead to the coming week, the CAD is likely to be moved by Tuesday’s February housing starts and building permits outcomes, as well as Wednesday’s Bank of Canada (BOC) interest rate decision. In the latter case, expectations are for a rate freeze at 0.50%.

Towards the end of the week, Thursday will bring the annual January new housing index price index, while Friday will see the announcement of the February unemployment rate result.

Pound to Canadian Dollar Hits the Rocks Today as PMI ‘Triple Whammy’ Sinks In

With the week closing on a quiet note for the Pound Sterling, the UK currency has fallen across the board shortly after the trading session opened.

One potential cause for this has been the cumulative effect of the recent slew of disappointing PMIs covering UK sectors, while another may be the sustained criticism levelled at the ‘Remain’ campaign by ‘Leave’ campaigner Iain Duncan Smith.

The biggest UK announcements of the week to come will be industrial and manufacturing production results for January, both of which are due on Wednesday.

US Dollar (USD) makes Middling Movement Today, Support Given by JPMorgan CEO

The appeal of the US Dollar has been in decline at the end of this week, as while Thursday brought a somewhat supportive outcome from the non-manufacturing/services composite for February, this was not enough to outweigh the more abundant negative data.

Support has been granted to the US economy lately by Jamie Dillon, the CEO of JPMorgan Chase. Speaking yesterday, Dillon said:

’You don’t run and hide when things get a little bit bad. Eventually, supply and demand will sort out’.

Next week will bring a speech from the Fed’s Stanley Fischer, as well as the national crude oil inventories and claims figures for the end of February and the beginning of March.

‘Acrimonious conduct’ Sours Government’s Image, says ‘Out’ Campaigner

Given that debates and stories about the UK Referendum are only going to intensify in the run up to the actual vote, today has seen a fairly final argument put across by former Conservative leader Iain Duncan Smith.

As part of an article written by Smith, the campaigner voiced the concern that:

’The acrimonious manner in which all this has been conducted is troubling, and will, I fear, have consequences long beyond June 23rd’.

The article pointed out that regardless of which way the nation votes, the Conservative party is likely to be left with deep divisions that will have to be addressed in order to facilitate the stabilisation of the UK.

Scotiabank's Forex Outlook for the USD/CAD Conversion Rate:

"While the weaker CAD has helped underpin growth in Canadian non-energy exports, the downside of a plunging exchange rate has become obvious for policymakers in the form of rising imported food costs. We continue to target 1.37 for the end of Q1 and we recognize the potential for heightened volatility around March’s event risk. We think near-term USDCAD gains back towards the 1.38/1.40 area are a good selling opportunity."

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