This afternoon has seen some interesting developments with the OPEC meeting leading to apparently an agreement which would see the members reach agreement on cutting output. Markets have improved this afternoon as confidence returns and investors place bets on future moves. GBPCAD is fairly steady but the pound has risen against most currencies.
The Canadian dollar is stronger at the moment relatively speaking since the Canadian dollar is looking like it will benefit in the future from a higher oil price. The expectation for the future is that as the Canadian economy is heavily dependent on Oil exports which account for 20% of their total exports. If you are looking to buy Canadian dollars in the future then many commentators expect we could see some better rates for Cad sellers looking to buy GBP as the Cad strengthens longer term.
For more information on what to expect moving forward there are important things to consider which will determine the future path. Getting plans in place is a great way to minimise your risk from losing out if markets take an unexpected turn Next month the Italian Referendum and the US Interest rate decision could see some big swings on GBPCAD rates so if you are planning an exchange making plans sooner than later seems the safest bet!
For more information at no cost or obligation please speak to me Jonathan by emailing [email protected]