Market news
Canadian dollar update 7th April 2009
07/04/2009
The Bank of Canada has been gradually cutting rates since December 2007 and could potentially ease again this month to 0.25% and/or move towards quantitative easing in line with its US neighbour. Also, falling construction and a slump in car production has seen the Canadian economy shrink for six consecutive months to January.
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Sterling has been relatively steady against the Canadian dollar over the last couple of months and is currently over 9% higher from the January lows close to 1.67. Average rates here for the last 12 months are a little above 1.90 but, in perspective, over the last two years we have only traded above the one year average for brief periods on a couple of occasions. As such, only sustained sterling gains beyond this area would suggest potential for a stronger recovery towards the $2 level last seen at the end of October last year.
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