Those clients looking to buy Canadian dollars with pounds could see an excellent opportunity to purchase tomorrow morning. A Conservative win in this UK general election should in my view result in a considerable rally for sterling exchange rates. Another 5 years of stable government in challenging times should be a major boost for the pound. A considerable majority for the conservative party would likely see a rally towards 1.80 for GBP CAD. With the election results expected in the early hours of tomorrow morning there could be a substantial movement once announced. Anyone looking to buy Canadian dollars would be wise to get in touch later today or tomorrow morning to see how the result impacts on GBP CAD.
General elections have the potential to be major market movers and tonight could be very substantial considering the distinct uncertainty that has dominated this election. A coalition between the Labour party and Scottish Nationalist Party could see GBP CAD fall sharply in this outcome.
The Canadian dollar has been hammered after trade relations between Canada and the US have fallen down somewhat in recent weeks. The trade dispute over imported lumber from Canada has highlighted that there could be other trade problems further down the line. The more protectionist stance on trade from the Trump administration could give the Canadian dollar some extra headaches going forward.
Unemployment data from Canada is released on Friday and could give some clues as to where the Canadian economy is now heading. Unemployment is expected to slip lower to 6.6% down from 6.5% the month prior.
If you would like further information on Canadian dollar exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org