Pound to Canadian Dollar rate drops as Bank of England governor disappoints the markets (Joseph Wright)

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

Those of our readers and clients planning on exchanging their Pounds into Canadian Dollars at better exchange rates have been disappointed today, as the Governor of the Bank of England, Mark Carney has disappointed the markets during an early morning speech earlier today.

Many had hoped of an interest rate hike, which would most likely of resulted in an upward movement for the Pound, but he quelled hopes early into his speech when he said that the BoE would be willing to overlook the increasing rate of Inflation as raising rates before we know of the Brexit outcome wouldn’t be right.

Just last week almost half of the voting members of the Bank of England voted in favour of raising rates. The Pound climbed off the back of this news but today’s words from Mark Carney have put those hopes to rest.

There is little data due out this week for the Pound specifically, so I think that those watching the Pound to Canadian Dollar rate should look out for Canadian economic data for the next major market mover.

This Friday at 1.30pm there will be inflation data our for Canada which could impact the rates if figures deviate from the expectations.

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 jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.