Many Canadian dollar buyers have seen the rates improve quite nicely in the last week with exchange rates now at highs approaching 1.70, the big question for CAD buyers with pounds is will this get hit anytime soon? I would be approaching the market with a cautious approach as we could not rule out a 1.70 but there is plenty that could move the pound and see rates fall lower.
My personal explanations for any fall would be down to the UK struggling to establish any Brexit related plans as this is really a problem for the UK moving forward. In most cases I would be very worried about what we are going to see in the future for the UK and this is likely to weigh on the pound moving forward.
The Canadian dollar will also weaken according to sentiments over the price of Oil just lately the price of Oil has been edging back towards the 50 bucks mark, this could also weigh on GBPCAD. With the OPEC meeting confirming they are revisiting the agreements to limit supply of Oil the Canadian dollar could really find strength making gains against the pound.
If you need to buy or sell Canadian dollars with pounds then now is a good time to make some plans as there is lots going on to move the rates. For more information at no cost or obligation please speak to me Jonathan Watson by emailing [email protected]