The pound has finally bounced back from the very low levels of April as Obama’s weight behind the Referendum campaign Remain vote pays dividends in the polls. Almost a majority want to Remain now which is providing a major boost to the pound but will this last for long? A rising Oil price has also helped the Canadian dollar which is potentially only going to benefit more in the future if Oil keeps rising.
If you need to buy Canadian dollars this latest spike is very much welcome news and could be worth taking advantage of since the Referendum campaign is likely to have more wobbles and the Oil price could continue to rise. There are of course never any guarantees but I would personally be very concerned that in the future the outlook for the pound will deteriorate as we approach the Referendum in June.
Buying foreign exchange is often an uncertain process but we are here to help with information on the markets and the best exchange rates. If you need to make a transfer please contact me Jonathan on [email protected]