Could the Pound improve against the Canadian Dollar before the end of the month? (Tom Holian)

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

The Pound has started to fall recently against the Canadian Dollar but this morning the Pound has already shown signs of fighting back after better than expected UK unemployment figures published this morning showing the lowest level in 42 years.

The good news has helped the Pound recover its recent losses against all major currencies including vs the Canadian Dollar and at the same time UK Average Earnings have also increased by 2.1% in the three months to March.

After the inflation data caused problems both last Thursday and again yesterday morning with the release of the Consumer Price Index this unemployment news has stopped the Pound from slipping.

With the general election just over 3 weeks away I think we will see a clear victory for the Tories as already demonstrated with the recent local elections.

Another term for the Conservatives in theory means stability for UK business which in turn often leads to Sterling strength. Therefore, I think we could even see the Pound hit 1.80 vs the Canadian Dollar before the end of this month.

Turning the focus back to economic data the UK publishes Retail Sales tomorrow morning and if better than expected I think we will see the Pound make gains vs the Canadian Dollar so if you’re thinking about sending money to Canada in the short term tomorrow’s data could be key to what happens to GBPCAD exchange rates.

On Friday Canada publishes its own set of Retail Sales as well as inflation so could this be the opportunity to see GBPCAD exchange rates end the week on a high.

If you have a currency transfer to make and 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. Working for one of the UK’s leading currency brokers I am confident of being able to save you money on exchange rates compared to using your own bank.

Tom Holian [email protected]