Pound to Canadian Dollar exchange rates have bolted up, well relatively in this fairly flat market, after what had been a fairly difficult end to the preceding week.
The Pound has regularly suffered on Friday’s since the Referendum, with Sterling exchange rates suffering during the final hours of UK trading.
The reason for these recurring patterns on Friday afternoons is due to abnormal speculative activity – in contrast to during the week. Traders effectively have to choose a stable currency in which to store their weekly profits in for when they are no longer at their desks and in a position to protect their capital from any sudden movements.
Whilst currency markets do close for the weekend, they shut on a regional basis. As such they continue to function in other areas of the world from 6-11 on Friday and in the very early morning on Monday when Asian and antipodean markets are open, which is why such action is necessary.
Since Sterling is considering anything but stable in recent months for obvious reasons the Pound suffers heavily from being ‘sold off’ in droves.
However, with normal trading resuming you do see this reversed most Mondays, and in this case the losses were re-cooperated, and then some.
Today we also have UK inflation data set to be released which could continue Sterling’s rally, and should be seen as an opportunity for Canadian Dollar buyers.
If you are planning to make a currency exchange involving the Pound and the Canadian Dollar, 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.
I have never had an issue beating the rates of exchange on offer elsewhere, therefore a short conversation could save you a significant sum on an upcoming transfer.