Sterling vs the Canadian Dollar has hit its lowest level in 3 years as the fallout from both Brexit and Article 50 continues to have a negative effect on the value of Sterling.
Yesterday Bank of England deputy governor suggested that the Pound’s big fall since June has been a ‘shock absorber’ for the British economy and this has helped the economy from struggling since the vote to leave the European Union back in June.
He also claimed that having a flexible currency is also helpful to soften the blow of the vote.
Clearly the Bank of England are not too concerned about the fall of Sterling at the moment which signals to me that they could even look at cutting interest rates when their next meeting takes place in November.
Indeed, Sterling vs the US Dollar has fallen by 20% since the Brexit vote and it is only a matter of time before this starts affecting the British consumer. As so many of our goods purchased in the high street come from overseas this is likely to see the average basket of goods going up in the near future and this is likely to cause an issue for inflation which is what the Bank of England are most concerned about.
GBPCAD exchange rates have fallen to below 1.60 this week and I think we could see further falls during the course of this week depending on what happens with inflation this morning.
Having worked in the industry since 2003 I am confident of being able to offer you competitive exchange rates when buying or selling Canadian Dollars compared to using your own bank.
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