Sterling vs Canadian Dollar exchange rates have hit their lowest level to buy Canadian Dollars in 3 years this week since UK Prime Minister Theresa May announced that the UK will trigger Article 50 in March 2017.
It could be argued that at last we may have some certainty going forward for the UK but until we know whether Theresa May will opt for a ‘hard’ or a ‘soft’ Brexit this is likely to keep Sterling under pressure for the time being against the Canadian Dollar.
Sterling is also at its lowest in 31 years against the US Dollar as rumours are fuelling that the US could look at raising interest rates in the near future. Typically when the US Dollar gains strength against the Pound the Canadian Dollar also tends to follow a similar pattern.
There is also a chance that the Bank of England are looking at cutting interest rates at their next meeting which is another reason for the Pound struggling against the Canadian Dollar.
On Friday the UK publishes both Industrial and Manufacturing production data and this will cover August, which is likely to have been negatively affected by the impact of the Brexit vote so I think the data could come out lower than expected, which could see Sterling fall further against the Canadian Dollar. Therefore, if you’re thinking of buying Canadian Dollars then it may be worth doing something soon.
Having worked in the industry for 13 years I am not only able to offer you competitive exchange rates when it comes to buying or selling Canadian Dollars but to also help you with the timing of your transfer. To find out more or for a free quote then contact me. Email me directly Tom Holian [email protected] or fill in the form below.
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