It’s been another volatile day for GBP/CAD exchange rates, with approximately two and a half cents movement on the pair during Thursday’s trading.
Sterling received a welcome boost this morning following apparent comments made by Boris Johnson, regarding the free movement of people within the UK following our upcoming Brexit. This immediately gave the Pound a boost, with GBP/CAD rates hitting 1.6980 at today’s high. Johnson was quick to speak out against this and claimed he had in fact never made the statement and the Pound lost value as quickly as it had gained it.
GBP/CAD rates are now floating around 1.6750 on the exchange and with the OPEC deal yesterday likely to boost the value of oil, one of Canada’s main exports, we could see the CAD benefit further over the coming days.
There was further positive news for the Canadian economy following the release of yesterday’s Gross Domestic Product (GDP) figures. These indicated that the Canadian economy had grown by 3.5% in the third quarter of this year, with second quarter figures revised up to -1.3%. This combined will help support the CAD’s value and as such it may be wise to lock in any short-term requirements for those clients holding the Pound.
I would be extremely cautious about assuming the recent positive trend for Sterling will continue at any great pace and I would look at the improvements seen over the past month and take advantage, rather than gamble on what is still an extremely unstable and fragile market.
If you have an upcoming GBP or CAD currency exchange to make and you are concerned by the increased market volatility of late, it may be wise to look at protecting the gains you’ve made, or limiting your losses with one of our forward contracts, rather than gamble on what has become an increasingly volatile and unpredictable market.
If you would like to be kept up to date with all the latest market movements ahead of your currency exchange, or simply wish to compare our award-winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on [email protected]