Will GBPCAD slip below 1.60?

How Is COVID-19 Effecting GBP to CAD Exchange Rate?

The pound to Canadian dollar rate has slipped from the recent highs of 1.66 in January as investors fears over the price of Oil and other economic worries. President Donald Trump is also a factor on the exchange rate which is affecting the GBPCAD exchange rate. To what extent is the pound likely to recover against the Canadian dollar and is there more chance of it actually collapsing again and GBPCAD falling below 1.60?

Markets have been closely monitoring the Brexit situation for attitudes towards sterling but the latest news has surprisingly seen the pound rise. Theresa May’s clarity over Brexit has really helped the pound to find some stability which is potentially boding well for the coming weeks when Article 50 will be triggered. Most clients looking to buy or sell Canadian dollars are correct to be monitoring the upcoming situations but on balance I would probably expect the pound to come off the worst.

If you are looking to make any transactions in the coming weeks involving buying or selling Canadian dollars then make sure you have all the information to make an informed choice. The overall outlook for the Canadian dollar remains positive but Donald Trump could easily upset the market with some comments which would drive some uncertainty on the Canadian dollar. If you have a transfer to make in the future then please get in touch sooner than later to get the latest news and information on the markets to make an informed decision about what will be best.

For more information at no cost or obligation please speak to me Jonathan by emailing jmw@currencies.co.uk