Pound to Canadian Dollar exchange rates have slumped this morning with pressure on the Pound and backing for the Loonie stretching the gap between the pair’s value, to the detriment of Canadian Dollar buyers.
Yesterday speculation on oil prices forced the GBP/CAD pairing back by half a cent during afternoon trading in the UK. Oil prices rose following the publication from the International Energy Agency which found the oil industry was beginning to benefit from increased demand in India and China for their products.
Optimistic forecasts for the future were also put forward, stating that supply may struggle to keep up with demand once more beyond 2020, citing that a shift towards infrastructure building to stimulate growth in key economies would benefit the oil industry. The Canadian Dollar gained a secondary benefit.
Furthermore we are also seeing the Pound gradually receiving a sharp pinch in the run up to Article 50, with investors selling off Sterling in a gradual bid to ensure their funds are protected ahead of any potential downturns.
This is not due a change in the Article 50 situation, this is simply a matter of risk aversion, with markets wishing to protect themselves from any potential Sterling losses by pre-empting this.
This may become a self-fulfilling prophecy on the rates of exchange, if the Pound continues to look weaker with more people selling off their Pounds, it will encourage more to do so as the rates worsen.
As such, depending on your timeframe for a transfer, if you are purchasing Canadian Dollars with the Pound, or vice-versa, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.