GBP/CAD Rates Continue to Slide (Matthew Vassallo)

GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of Canada Statement

GBP/CAD rates have continued to slide over recent weeks, with the current negativity surrounding the UK economy handicapping any sustainable advances for GBP. The Pound has come under increased pressure of late and with tomorrow’s budget hanging over investors and the upcoming EU referendum in June, it is likely that Sterling will continue to find life tough going over the coming weeks.

With a divide in Parliament regarding our future participation in the EU, it is difficult for the markets to gauge any likely outcome and this is not going to help the Pound gain any market confidence in the short-term. We also have to consider the Bank of England’s (BoE) stance and they have been keen to drive Sterling’s value down in order to boost exports. Whilst our export industry has slowed, Canada’s have improved and due to this being such a key component of their economy, I do not see GBP/CAD rates breaking back through 2 under the current market conditions.

If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on [email protected]