Sterling woes continue against the Canadian Dollar (Tom Holian)

Canadian Dollar Suffers Seven-Week Low Following the Spread of the Coronavirus

Sterling vs the Canadian Dollar has continued to slide since the announcement made by UK Prime Minister Theresa May that the UK will look at triggering Article 50 by March 2017. The announcement has caused a huge loss of confidence in Sterling and as yet there has been no formal announcement by Theresa May whether we will face a ‘hard’ or a ‘soft’ Brexit.

The uncertainty surrounding Article 50 and the UK’s ability to negotiate its exit from the European Union is having a huge negative impact Sterling exchange rates. Indeed, French president Francois Hollande said only recently that European leaders should take a firm stance when negotiating with the UK.

UK economic data that has been published since the the Brexit vote has generally been fairly positive apart from the odd blip but the currency markets between Sterling and the Canadian Dollar have continued to fall. This goes to show how important the political uncertainty is having on the GBPCAD pair.

This is good news for anyone looking to sell Canadian Dollars but not so for anyone looking to move to Canada.

Having worked in the industry since 2003 the uncertainty in my opinion could be even more concerning for Sterling than the credit crunch and with Sterling now even trading at low as 1.21 between GBPUSD exchange rates this is a real concern for the Pound.

The Bank of England are not due to meet until early November but there have already been suggestions that the central bank may look to cut interest rates and that could have an even more detrimental effect on Sterling.

If you have a currency transfer to make and need to either buy or sell Canadian Dollars then feel free to contact me directly for further information or for a free quote. Tom Holian

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