Will the Pound gain this month vs the Canadian Dollar? (Tom Holian)

Canadian Dollar Suffers Seven-Week Low Following the Spread of the Coronavirus

The Pound has had a good run vs the Canadian Dollar in the last 2 months as the Canadian economy has started to show signs of problems recently.

The issues between Canada and the US in terms of trade and tariffs have caused problems for the Canadian economy and as the amount of trade between Canada and the US is 75% any issues from south of the border will often cause problems for the Canadian economy.

Oil prices which are still relatively low and a slowdown in the US economy has been detrimental to Canada and this has resulted in a lot of weakness for the CAD$ vs the Pound.

Indeed, Sterling has seen huge gains during the last 2 months making a property purchase thousands cheaper.

Even with inflation figures rising in the UK this has down little to affect GBPCAD exchange rates. It has caused the Pound to stall vs the CAD but to me this is short term and I see further gains for the Pound coming.

With the UK looking more politically stable recently this has also helped the Pound make gains and I think we could even seen rates hit 1.80 during this month. Good news if you’re looking to move to Canada.

If you would like further information or free quote when buying or selling Canadian Dollars then feel free to contact me directly.

Working for one of the UK’s leading currency brokers I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your currency purchase.

I look forward to hearing from you and enjoy Victoria Day tomorrow!

Tom Holian [email protected]