Do you plan to emigrate to Canada?
If so, then the value of the Canadian dollar when you exchange currencies will have a big impact on your Canadian dollar total. Given that, what’s in store for the Canadian dollar in the next 12 months? Find out here!
The exchange rate is set to improve!
Right now, it’s the best time to exchange currencies including the US dollar and euro for Canadian dollars since November 2011, and the exchange rate could soon get better. What this means is that, when you transfer money to Canada, you can expect a higher Canadian dollar total!
So, what’s responsible for the improving Canadian dollar exchange rate? Well, in part it’s because Canada’s economy is slowing. The Canadian dollar has lost value in recent weeks, on news that Canada expanded just +0.1% in April 2013. Moreover, Canada’s “economy is likely to remain subdued,” according to TD Securities’ David Tulk, which will weaken the Canadian dollar further. At the same time, the Canadian dollar has fallen, as it emerges that other countries are doing better. For instance, the US dollar has strengthened against the Canadian dollar recently, on report the US created an impressive 195,000 new jobs in June. Meanwhile, the euro to Canadian dollar exchange rate has improved too, on forecasts the Eurozone will soon exit its recession.
What all this means is that, if you plan to emigrate to Canada, the exchange rate is now favourable.
When you exchange your currency for Canadian dollars, you can expect a higher Canadian dollar total!
About the author
Peter Lavelle is an economist at foreign exchange broker Pure FX. If you have any questions about exchanging Canadian dollars, contact him at peter.lavelle@purefxc.o.uk for free advice.
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