Sterling vs the Canadian Dollar has seen a big upwards surge following the news from yesterday afternoon that one of the 9 members of the Monetary Policy Committee has voted for an interest rate hike.
This is the first time since summer last year when the Bank of England have had any disagreement and this is why Sterling received a welcome boost vs the Canadian Dollar.
UK inflation has been rising recently and this was one of the reasons Kristin Forbes voted in favour of an interest rate hike.
The general anticipation prior to the vote yesterday was for a rate hike in summer 2018 but with yesterday’s announcement we could see a rate hike before this date.
Sterling rose against all major currencies after having a difficult start to the week.
GBPCAD exchange rates are now close to their best level to buy Canadian Dollars with Sterling since January providing an excellent opportunity if you need to send funds to Canada.
However, my personal opinion is that the good news for the Pound will be short lived as Article 50 is due to be triggered within the next 2 weeks.
The uncertainty as we saw with last year’s Brexit vote caused the Pound to plummet against all major currencies including vs the Canadian Dollar and as a precedent has been set my expectation is for a lot of volatility to be coming very very soon.
Having worked in the foreign exchange industry for one of the UK’s leading currency brokers since 2003 I am confident not only of being able to offer you bank beating exchange rates but also help you with the timing of your currency transfer.
If you would like further information or a free quote when buying or selling Canadian Dollars then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]