The Pound vs the Canadian Dollar has fallen during the course of the day which was compounded in the early afternoon following the release of better than expected Canadian Unemployment data.
The figures came out at 6.8% for January which was better than expected and this has led to GBPCAD exchange rates falling to their lowest point of the week.
UK GDP data came out better than expected this afternoon but the positive unemployment figures have helped the Canadian Dollar vs the Pound.
This has coincided with oil prices going in an upwards direction following the recent OPEC meeting where members agreed to curb production and as Canada is a net exporter of oil this has helped to strengthen the Canadian Dollar vs the Pound.
Since the turn of the year the Pound has seen gains of 5% vs the Canadian Dollar as the government appears to be taking steps towards triggering Article 50 however as yet the debate is still rumbling on.
I think until we find out what is happening when the negotiations formally begin with the leaving of the European Union then Sterling will struggle to make any real gains against the Canadian Dollar and if the economic data from Canada continues to come out positively we could see GBPCAD exchange rates fall below 1.60 again on the Interbank level.
Next week on Tuesday UK inflation data is due to be published and with inflation rising then this could put more pressure on the Bank of England to look at raising interest rates in the future so if the data is positive then this could help the Pound vs the Canadian Dollar in the short term.
If you have a currency transfer to make involving Canadian Dollars and would like further information or a free quote then contact me directly.
I have worked in the foreign exchange industry since 2003 and I am confident that I can help you with the timing of your transfer as well as bank beating exchange rates. I look forward to hearing from you.
Tom Holian [email protected]