Pound to Canadian Dollar rates still rising (Joshua Privett)

GBP EUR Trades Above 1.18 After Weak ZEW Data

Like the US Dollar the Canadian Dollar is currently suffering against the Pound, with Pound to Canadian Dollar exchange rates breaching new 5 month highs.

The Pound’s rally, if you haven’t been in tune with the news this week, has been attributed to the sudden and euphoric announcement of an election in the UK.

Contrary to what many are looking at, this rally is not simply because markets prefer a Conservative government, which is currently performing 24 points above what Labour is managing to put up in terms of hard numbers in the polls.

Much more so than this, this is a vindication of confidence in how a Conservative victory would improve the UK’s negotiating position during the Brexit.

Should the Conservative take their majority – Theresa May would not longer be an un-elected Prime Minister but one with a mandate and without the prospect of having an election mid-way through negotiations, markets are fairly confident in her abilities.

Polls will continue to shift, but it seems likely at this point that the GBP/CAD pairing will continue to find support in value from the UK, making the prospect of buying Canadian Dollars a cheaper one.

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