The pound to Canadian rate has of course fallen following the UK election result but the outlook for the rates are mixed. With the pound looking like it could well fall further the Loonie dollar could also slip as Oil fears have come right back into the market! The overall position for CAD sellers is very favourable, if you have a currency transfer to make buying or selling CAD for the pound then making some plans in advance is well advised. The overall position for markets is now bracing for further developments on the Brexit situation. Markets will be trying to understand just how the UK election will influence the Brexit itself, this will take time to become clear.
The price of Oil has seen big fluctuations on GBPCAD but with buying CAD rates much better than lows I think there are good arguments to look at locking in rates in this uncertain market. Next week is critical too for GBPCAD rates since we have the latest news on the US Interest rate decision which will have a big impact on financial markets including the CAD. Overall if you have a transfer to make the volatility we have seen is not going anywhere soon.
If you need to sell Canadian dollars for the pound then you are looking at some of the best rates we have had in many years, I do believe that there could be further improvements in the future but ultimately such impressive levels should not be taken for granted. With no clear direction being established either way clients looking to buy or sell CAD should be making plans sooner than later. For more information on the best rates then please get in touch with me Jonathan Watson by emailing [email protected].
Thank you for reading and please get in touch if there is anything else I can help with.