The pound has had a surprisingly good finish to the week against the Canadian dollar for two main reasons. Firstly, Yesterday afternoon the UK High Court decided that Theresa May will have to wait a little longer before invoking Article50 as MPs will now have to vote in Parliament to decide the UKs future in regards to EU membership. It’s no surprise that Theresa May will be appealing the decision next month.
Secondly, the UK released their latest interest rate decision and rates were kept on hold at 0.25%. The 9 voting members also known as the monetary policy committee all voted to keep rates on hold which is a surprise as many economists believed at least 1 or 2 members would vote for a cut to 0.05%.
The pound has increased from 1.65 (Thursday morning) to 1.6789 (close on Friday) which means a 200,000 Canadian Dollar purchase is now £2,000 cheaper. Personally I believe this is a temporary spike and I wouldn’t be surprised to see the gains reversed early next week.
If you are buying or selling Canadian dollars this week, month or year and I haven’t covered your currency pair I would recommend emailing me with the currency pair (CADUSD, CADGBP, CADAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **