The Canadian dollar exchange rate complex (CAD) has started the new month from a position of weakness.

This comes following a strong period for the currency which saw gains notched up against the majority of trading partners courtesy of those rising oil prices we saw in March.

And so it is fitting that the primary driver of this new bout of weakness has been a turn lower in global oil prices.

As we have seen time and again the CAD remains sensitive to movements in oil and commodity prices simply because of the high importance oil plays in the Canadian export basket.

Also failing to turn traders onto the CAD at the end of March was the release of monthly GDP data which indicates that the Canadian economy remains in contraction.

Figures indicate that the economy contracted by 0.1% which will leave many concerned that another interest rate cut at the central bank could take place.

Canadian Dollar Rates

The pound to Canadian dollar exchange rate (GBP-CAD) is at 1.8700.The euro to Canadian dollar exchange rate (EUR-CAD) is a standout as it is the one area the CAD is experiencing strength. The rate is 0.47 pct lower at 1.3583.The US dollar to Canadian dollar exchange rate (USD-CAD) is 0.40 pct higher at 1.2606.that all FX quotes here are from the wholesale markets - your bank will affix a spread to the rate to derive profit. However, an independent FX provider will undercut your bank's offer, this can deliver up to