The rate to buy Canadian Dollars with Sterling has seen an improvement recently after hitting their lowest levels in 3 years last week.
The Pound vs the Canadian Dollar has been under real pressure recently and after the huge drop caused by the Brexit vote and the recent suggestions made by Foreign Minister Boris Johnson that the UK could be getting ready to trigger Article 50 this has caused the Pound to hit these recent lows vs the Canadian Dollar.
There has been no official commentary from UK government and until we have some certainty then we could see Sterling remain relatively low vs the Canadian Dollar.
If you’re thinking about transferring money this week the issue that could cause further volatility for the GBPCAD exchange rate will come on Friday when the UK releases second quarter GDP figures.
The period that is being measured will include the run up to the Brexit vote so I think we could see exchange rates have an interesting time on Friday morning.
As we come towards the end of the month there is little economic data from the UK apart from GDP and in Canada we also have the release of GDP for the last month.
Therefore, it is important that you prepare yourself for Friday’s potential day of volatility for GBPCAD exchange rates.
If you need to transfer Canadian Dollars or would like to exchange CAD to buy Sterling and want to compared the rates offered by your bank to what we are able to offer then contact me directly for a free quote. Having worked in the industry for 13 years now as a specialist currency broker I am confident that I can save you money compared to using your own bank. Contact me via email Tom Holian [email protected]
I look forward to hearing from you.