GBPCAD spikes on weaker Oil prices

Brexit and Coronavirus Weigh on GBP as Oil Price Collapse Causes CAD Value to Fall

The price of buying the Canadian Dollar has improved lately as a weaker Oil price sees the Canadian dollar weaker. Canadia relies heavily on Oil exports and the strength and weakness of the Canadian currency is closely linked to the performance of Oil prices. Most commentators believe that the price of Oil should rise again so this could be a short-term spike GBPCAD buyers should be taking advantage of. The situation has also improved for Loonie buyers as the pound finds some strength ahead of the all-important triggering of Article 50 next week.

I feel that Article 50 sis going to be a very big event for GBPCAD exchange rates as markets try to second guess which direction the price will take. Personally, I expect the pound to rise a little before then falling once we learn of fresh information over just what we can expect from the market. The market’s treatment of sterling could range between positive and negative. Overall the pound has suffered on the back of the Brexit but we could uuqite easily some buoyancy too.

GBPCAD’s performance will I believe also be determined by the market response to Article 50 and any movements in the price of Oil. If you are looking to buy or sell Canadian dollars the next week could see some big movements, I would not be surprised to see rates between 1.61 and 1.70 depending on the news.

If you have been waiting to conduct a GBPCAD exchange now is the moment you have been waiting for. The last few days have seen some big swings on the currency markets which are likely to continue will present some exciting opportunities. If you have a transfer to consider and would like some information on the latest developments to move the rate please speak to me Jonathan Watson by emailing [email protected].

Thank you for reading and I look forward to hearing from you when you are ready.