What can we expect next for GBPCAD rates?

Pound to Canadian Dollar Outlook: BoC Interest Rate Cut Bets Soar as Oil Prices Sink CAD

The pound looks like it could fall further with the outlook ahead for the UK very shaky indeed. Currently we have a minority Conservative government and the Queen’s speech which was a much watered down version of the Conservative Manifesto has failed to set the pound alight. The price of Oil is a major factor on Canadian dollar exchange rates and the price of Oil fell yesterday, once again on more global concerns about oversupply. If you need to buy Canadian dollars I think this small improvement could potentially lead to some further small spikes to take advantage of. The general belief in the future is the pound will fall so CAD buyers who wish to get the best rates need to do everything they can to maximise the opportunity.

The Canadian dollar looks like it will continue to struggle throughout the year with concerns over the outlook for the price of Oil. Such opportunity will perhaps end up short-lived in the grand scheme of where the pound could be headed so clients looking to buy Canadian dollars should be treading very carefully since the rates could easily move against them.

All in all the pound will I believe continue to hit a brick wall as a result of the continuing political and economic uncertainty weighing on the currency markets. If you have a transfer in the future making plans around such events is crucial to maximising the amount of currency that you receive. Many deliberate attempts by clients to hold on for a better rates selling the pound for the Canadian dollar has passed unsuccessfully but I do believe the more short term outlook could present opportunities.

For more information at no cost or obligation please speak to me Jonathan Watson by emailing [email protected]. I am Associate Director of one of the UK’s largest independent currency brokerages and am confident I can help with some useful information to help you maximise your transfer.