GBP/CAD rates holding steady despite Referendum pressure (Joshua Privett)

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GBP/CAD rates of exchange are now holding steady after a few days of heavy falls on the currency markets.

Previously GBP/CAD had been tumbling following revelations of the gains made by the Leave camp in the upcoming Referendum. Gambling companies such as Betfair have slashed the odds on the likelihood of the UK remaining in the EU, when previously this had been an 86% chance we would remain, this is now down to 64%.

The polls show an even dearer picture, with the poll of polls showing a dead heat at 50:50. It seems betting companies simply feel that there is still a larger chance that the British public will get cold feet.

But essentially, this Referendum is increasingly beginning to look like a coin toss on which side will emerge victorious in deciding the direction of the UK economy, likely for decades to come.

This increased uncertainty is what is putting pressure on the Pound. Markets have made it explicitly clear that they wish for the Referendum to produce a Remain vote and no change to the status quo, whenever the Leave camp has rallied, the last time being in April, this produced the same result and similar levels on GBP/CAD, which then rebounded.

However, two features have now halted this slide. A stronger Pound following positive inflation figures, and luck-lustre reports for the Canadian economy following halts to oil production in the wildfires.

It is difficult to see which direction the markets may be going as so much of it is tied to the polls themselves, it is best to be in a position to move quickly and play their transfer by ear.

Anyone with a buying Canadian Dollar requirement can contact me on 01494 787 478 to discuss your requirements in more detail and receive a free quote on your transfer. Simply ask the reception team for Joshua, I have never had an issue beating the rates of exchange on offer elsewhere and these current levels can be fixed in place in order to avoid currency rates moving against your favour as you wait to conduct your transfer. jjp@currencies.co.uk