![]() The BoC are also due to participate in the ECB’s annual Sintra policy forum panel discussion on Tuesday this week, offering hawkish anticipation for the Canadian Dollar as new data is made available. "Our view has been that the BoC will deliver a 25bp rate hike in July, as data are unlikely to have slowed sufficiently since the June meeting to prevent another hike at the coming meeting (even after accounting for the weak May employment report)," said Daria Parkhomenko, Vice President at RBC Capital Markets. (BoC) boosted upcoming interest rate speculation among investors. The Canadian Dollar (CAD) ended last week as a top G10 performer, as a hawkish Bank of Canada Canadian Dollar (CAD) Exchange Rates Top Performer ![]() Nonetheless, Pound Sterling’s gains resulting from the UK retail sales recovery might have been overshadowed to some extent by a less impressive performance indicated by the latest Purchasing Managers' Index (PMI) data.īoth the services and manufacturing sectors displayed signs of deceleration in June, potentially indicating underlying economic challenges. These figures suggest that, for the time being, UK consumers are effectively navigating the persistent hurdles posed by escalating living costs. Contrary to economists' expectations of a 0.2% decline, sales actually rose by 0.3%. The Pound (GBP) exhibited strength in the market at the end of last week, fuelled by an unforeseen rebound in UK retail sales for May. Pound (GBP) Exchange Rates Exceed Expectations The key risk for GBPCAD comes in the form of Canada's CPI and GDP data.Īs of the time of writing, the GBP/CAD stands at approximately 1.67302, a 0.17 percent fall on the day's opening levels. With little in the way of macroeconomic data for the Pound (GBP), the recent positive retail sales, oil price fluctuations, and the Bank of England's hawkish stance on interest rate hikes could influence the British currency's near-term strength. You may be able to get compensation through the FSCS to make sure you don't lose out if your bank goes bankrupt or runs into other financial difficulties.The Pound Canadian Dollar (GBP/CAD) exchange rate is tilted to the downside at the start of the new week, with Sterling seen under pressure across the board. PRA - Prudential Regulation Authority - the PRA exists to make sure banks, building societies, insurance companies and other similar financial institutions are being managed safely, to control risk and keep customer money safe.įSCS - Financial Services Compensation Scheme - the FSCS protects customers when their bank, insurer or other eligible financial service company fails. The FCA's job is to regulate and oversee financial activities to make sure standards are upheld and financial businesses are trading safely and legally. Too many acronyms? Let's look at what they mean.įCA - Financial Conduct Authority - almost all financial activities have to be authorised by the FCA. And if you're transferring money with your bank, you may also read about the FSCS. In some cases operators may also be regulated by the PRA. When you're looking for the safest ways to send money to Jamaica from Canada you'll usually want to look out for providers which are registered with and operate under the FCA. However, our comparison tool will only ever recommend secure providers which operate within the law in any part of the world they're in. Go to WiseĬhoosing an international money transfer service can feel like a risk. Pricing data is collected from providers' websites, and the fee is calculated by factoring in the total cost (the transfer fee plus exchange rate margin). This would save you 158.14 CAD compared to Remitly, who has a fee of 260 CAD. Wise, the cheapest option, has a CAD/JMD exchange rate of 116.7340 and a fee of 101.86 CAD. Depending on how you set up your transfer this could mean that it would cost you more or your recipient could receive less. ![]() If 1 CAD is 116.734 JMD, your bank can add a 3% exchange rate markup and give you a rate of 1 CAD = 120.23602 JMD. Whenever you compare fees for transferring money from Canada to Jamaica, it can pay off to look at the exchange rate they offer.įor example, most traditional banks add a hidden markup to the exchange rate they offer you. Right now, the CAD/JMD interbank rate is 116.734. Often providers will claim to have low, or even no fees, but in reality they're hidden within the exchange rate. You'll want to pay attention to both the upfront fee the provider shows you as well as the CAD/JMD exchange rate. When you are looking to transfer money from Canada to Jamaica it's important that you calculate the total cost of your Canadian Dollar to Jamaican Dollar transfer.
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