The Canadian central bank has voted this afternoon to keep interest rates on hold at 0.25% in a move widely expected by markets. The accompanying statement claimed that strength from the Canadian dollar has compromised the rate of recovery in the second half of the year. The Canadian currency has gained over 13% against the US dollar this year, and the central bank is concerned that high exchange rates for the CAD could undermined the rate of recovery.
The Canadian currency has strengthened after the economy showed signs of exiting its worst recession since 1992 and commodity demand from China has been revived. The stronger currency makes Canadian exports less competitive and this was reflected in the first deficit in traded goods since 1976 this year.
Currency rates for the Canadian dollar are currently at USD0.9256 and GBP0.5557
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.
Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter
Contact Us
Currency Converter
Today's Currency News
Leaders at the G8 summit over the weekend indicated their desire for Greece to remain in the Euro...
Currency Rates
| US Dollars | 1.5802 |
| Euros | 1.2366 |
| Swiss Francs | 1.4853 |
| Australian Dollars | 1.6006 |
| South African Rand | 13.061 |
| GBP indicative mid-market rate at 19:35. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491.
© 2003 - 2012
Registered address is Hobbs Court, 2 Jacob Street, London SE1 2BG.
HM Revenue & Customs, No. 12162570
Regulated and authorised by the Financial Services Authority,
as a Payment Institution, No. 512130