Canada cuts interest rates

The Bank of Canada has today unexpectedly cut its interest rate from 0.5% to 0.25%.

Analysts thought the rate would be held at today’s meeting, and on top of weaker wholesale sales figures, the Canadian dollar is weakening significantly this afternoon.

Therefore if you are sending money to Canada there is an opportunity to take advantage of better exchange rates.

Don’t forget a reputable currency broker will be able to offer you a fixed exchange rate up to 2 years ahead if you would like to remove the exchange rate risk from your transaction.