The GBP/CAD rate could be moving towards a very unnerving period as the cost of a barrel of oil looks likely to fall after Inventory levels are up for 5 weeks running. The cost of oil is one of the main influencers on the CAD so I find it hard to believe that the Loonie will find strength in this climate.
Bank of England Interest rate Cut
Tomorrow the Bank of England will deliberate on whether the UK should continue with the current rate of interest of 0.5% or cut rates to accommodate for the Brexit result. There have been a few pieces of evidence suggesting that the UK could be struggling, however some analysts believe political uncertainty could have been as bigger influence as Brexit itself. If that is the case then economic data could return to a more expected level, which in turn would help Sterling.
I would not be surprised to see the GBP/CAD rate drop below the 1.70 mark tomorrow if there is a rate cut. If it remains the same I believe there could be a jump up towards the 1.78 level. The volatility currently is essentially causing big swings that create winners and losers in the markets very face.
I am a trader in a currency brokerage which gives me access and control over rates of exchange that I can offer you. I am also able to assist with timing a transaction to make sure you get the most for your money. If you do have a currency requirements please feel free to send me Ben Fletcher an email at firstname.lastname@example.org.