As the Canadian dollar rises the GBPCAD rate has slipped lower which is presenting an excellent opportunity to buy the pound with the Canadian dollar that might get better. As we get closer to the Referendum the pound is likely to lose ground which might suggest this transaction becomes even more favourable for CAD sellers. The only way to mitigate the uncertainty is to try and make some plans around the market and how this could pan out.
If you are looking to buy or sell Canadian dollars then there is a strong likelihood you will see the exchange rate slip further but if the Remain camp wins the election we could be well looking at the rate rising much higher after which would present an excellent opportunity for CAD buyers. The price of Oil is rising as we speak which is helping the Canadian dollar to strengthen. The longer term forecast for the rate is to see the pound rise once the UK’s economy gets stronger but this is looking very uncertain because of the Referendum vote. The Referendum has damaged the pound and the UK economy which is leading to lots of negativity but there is still reasons to be cheerful for the UK. If the vote is Remain the issue is settled and we can start to worry less about what is ‘happening next’ and more about other events.
If you need to make a transaction involving the pound or Canadian dollar then please speak to me Jonathan to get a handle on all the events that might impact your exchange rate. More information on the market and the Canadian dollar can be obtained by emailing me Jonathan on [email protected]