Pound falls against the Canadian Dollar owing to election uncertainty (Tom Holian)

Pound to Canadian Dollar Outlook: BoC Interest Rate Cut Bets Soar as Oil Prices Sink CAD

Pound exchange rates vs the Canadian Dollar fell on Friday after an opinion poll released showed that the lead of the Tories vs Labour is falling. Having previously been at a much bigger margin the gap is now just at 5%.

This has caused a big surprise to global investors and this has led to a huge sell off for the Pound against all major currencies including vs the Canadian Dollar.

Indeed, up until this week the Pound has been making huge gains against the Canadian Dollar for the last 2 months.

The Canadian Dollar has been struggling owing to issues surrounding tariffs and problems with relations between Trudeau and Trump which have not been going well in recent times.

The UK is also suffering with high levels of inflation.

The recent UK economic data has been very strong including a 45 year low for unemployment levels combined with strong Retail Sales and Average Earnings.

However, with inflation going up this means the cost of living is also rising and with so much QE having been used by the Bank of England their appetite to raise interest rates anytime soon does not appear to be coming.

Turning the focus back to the UK general election I think the Tories will win in the next fortnight and this is likely to see the Pound make back the gains it has recently lost. Therefore, if you’re thinking about selling Canadian Dollars in the near future it may be worth organising this prior to June 8th.

With less than two weeks to go if you would like to make a currency transfer and save money compared to using your own bank then why not contact me for a free quote.

I work for one of the UK’s leading currency brokers and have done since 2003 so I’m confident that a quick email could save you a lot of money.

I look forward to hearing from you.

Tom Holian [email protected]