Pound gains a cent against the Canadian Dollar on Brexit hopes, will the trend continue? (Joseph Wright)

GBP EUR Exchange Rate: Weekly Review July 16  

The Pound has gained by almost a cent against the Canadian Dollar during today’s trading session, as financial markets are hopeful that the House of Lord’s will be able to make amendments to the governments Brexit plans (via Article 50).

Investors are hoping that there will be concessions made to the current bill which which is why the Pound has been boosted today, not just against the Loonie but across of the board of major currencies.

The boost can be put down hopes of a ‘Softer Brexit’ than the current plan, as it’s now public that the UK government will formally initiate the Brexit process next month and that they will focus more of controlling immigration as opposed to retaining access to the EU’s single market.

For those planning on making a currency exchange involving the Pound and the Canadian Dollar, I think that how this situation unfolds could be key to how the Pound performs in the upcoming days and week’s as if the concessions aren’t made, it could be that the Pound declines quite steeply.

It’s also worth paying attention to speeches out of the 2 countries as references to future monetary policy are likely to affect the GBP/CAD pair. The next occasion either will be speaking with be tomorrow morning at 10 am when BoE governor Mark Carney will be speaking.

If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.