• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / Canadian Dollar / Canadian Interest Rate Decision Today

Canadian Interest Rate Decision Today

December 6, 2017 by Ben Fletcher

Canadian Interest Rate Decision Today

The Bank of Canada will reveal their latest interest rate decision this afternoon. The central bank has been one of the more active this year having already raised rates on two occasions with America the only other developed economy to do the same this year. There isn’t expected to be any changes to the policy this time, however the central bank could provide some clarification on when the next hike may come or at least what will need to change in order for that to happen.

The Canadian Dollar has so far during this December been very volatile with OPEC (Organisation of Petroleum Exporting Countries) coming to an agreement about production over the next year. The price of oil has been a key driver for Canadian Dollar exchange rates as the country’s main export. Moving forwards if the price of oil rises or falls, you can usually see a direct correlation within the currency market movements. Now that the countries who produce oil have agreed to production levels the price of oil shouldn’t fluctuate too much.

GBP/CAD exchange rate forecast

Over the last week Sterling had started to make ground against most major currencies including the Canadian Dollar. This had been mainly attributed to the two sides in the Brexit talks coming to an agreement over how much the UK should pay the EU upon leaving the European Union. However, since talks yesterday revealed there was not a complete deal, mainly down to Irish border negotiations, Sterling gave up much of its early gains.

Over the next few days there is an expectation that a deal between the UK and the EU should be agreed and this in turn should have a positive effect on Sterling exchange rates. In my opinion we could see the GBP/CAD rate back around the 1.75 level which was last available at the end of May and before that point it was before the EU Referendum took place.

Filed Under: Canadian Dollar Tagged With: Bank of Canada, CADGBP, GBPCAD, interest rates

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy