The Pound to Canadian Dollar exchange rate has dipped from its highs last week, as the pair are currently trading in the 1.75/1.76’s after breaching the 1.78 mark last week for the first time in around 11 months.
Those planning on exchanging Pounds for Canadian Dollars are still in a good position when we consider the rates available over the past year, but it’s very difficult to tell whether the Pound will manage to maintain its current position after the bullish run recently.
Furthermore, will oil prices spiking in the early hours of this week the Loonie has been boosted due to the Loonies position as a commodity currency. I personally think the GBP/CAD rate could dip further this week as on Thursday at 9.30am Retail Sales data will be released which is an important release as this area of the UK economy has been under-performing recently.
The figures on Thursday are expected to show an improvement from the previous figures, both on a monthly and annual basis and I think a disappointing figure could weigh on the Pounds value.
If you would like to be kept up to date with key data releases out of the UK, feel free to get in touch.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.