Absence of Brexit plan causes Sterling vs Canadian Dollar exchange rates to fall (Tom Holian)

GBP EUR Exchange Rate: Weekly Review July 16  

Sterling vs the Canadian Dollar has today fallen from its 6 week high this morning as Sterling is currently falling against all major currencies this morning.

According to a leaked memo the government has no overall Brexit plan and a plan may not be formulated for up to 6 months. There are clearly divisions within the cabinet and at the moment Article 50 is unlikely to be invoked by March 2017.

Some sources have claimed that 30,000 extra civil servants will need to be drafted in to meet the additional workload caused by the Brexit negotiations.

The British people have voted for Brexit but as yet we are still in a state of limbo concerning when and if it will happen.

GBPCAD exchange rates have been moving in an upwards direction since the US election result as the UK and US relationship is very strong and European relations with Mr Trump are currently rather frosty.

Previously Obama had stated that the UK would go to the back of the line in terms of trade agreements if it voted to leave the European Union but as Trump has both family and business interests in the UK this has helped to strengthen Sterling vs the Canadian Dollar during the last week providing some good opportunities for those looking to move to Canada.

As we have seen during 2016 there is a feeling of anti-establishment and a real appetite for change and politically this is one of the most uncertain periods arguably in a generation. Therefore, it is extremely difficult to see where GBPCAD exchange rates may move in the future.

Having worked in the industry since 2003 I am confident that I can offer you bank beating exchange rates as well as helping you with the timing of your transfer of Canadian Dollars.

If you need to buy or sell Canadian Dollars and would like further information or for a free quote then contact me directly and I look forward to hearing from you.

Tom Holian [email protected]

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