There are a number of factors affecting the Pound to Canadian Dollar rate this week, with the UK general election this Thursday being the main driver of price movement.
The Pound has weakened over the past few weeks after the polls covering this weeks election have shown that the Conservatives lead is narrowing. I think that should there be a shock result in the election this Thursday we could see the Pound sold off quite heavily, as UK Prime Minister Theresa May initially called the election in order to path the way for a clearer, more straight forward Brexit plan.
Should the Conservatives lose seats as many are expecting based on the polls, the UK would then be looking at another Hung Parliament which could result in a sell-off for the Pound as we’ve seen in other similar political situations over the past decade.
Aside from the election and the risks surrounding it, this Friday there will be Inflation data released for the UK and if this data disappoints we could see the Pound sold off once again. This data is due out at 9.30am and feel free to get in touch if you wish to be kept updated regarding this data.
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.