We have seen further losses for Pound to the Canadian Dollar during the end of the week after some poor economic data recently.
Wednesday was the first catalyst for Sterling’s fall as although UK unemployment was close to the best in history we saw the Average Earnings in the UK fall and with yesterday’s UK Retail Sales come out at their lowest point in three years could we now be seeing the effects of the Brexit vote from last June?
Economic data up until this week has been relatively strong in the UK but with the country being so heavily reliant on the services sector and consumer spending this is likely to discourage the Bank of England to look at raising interest rates anytime soon even though inflation appears to be rising.
The next data release of important note if you have a transfer involving Sterling and Canadian Dollars comes on Wednesday with the release of fourth quarter UK GDP data.
GDP has been strong during 2016 but any signs of a slowdown could see GBPCAD exchange rates drop even further so make sure you keep a close eye on this data release on Wednesday morning.
Politically the UK is still in an uncertain period with the trigger of Article 50 due to take place in March. As yet the plan is not entirely clear at to what will happen next so there is a real risk to what happens to Sterling against all major currencies including the Canadian Dollar during this period.
If you would like more information about buying or selling Canadian Dollars and would like a free quote compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Working for one of the UK’s leading currency I am rarely beaten on price.
Tom Holian [email protected]