The rate to buy Canadian Dollars with Pounds is now trading at its best level in a week in what has been a rather mixed period in terms of economic data.
UK GDP which was published on Wednesday showed that growth in the UK stayed firm at the expectation of 1.7%.
The estimate was the first release for the second quarter and as this quarter covered both the triggering of the Brexit negotiations and the general election the data announcement was key for what happened to GBPCAD exchange rates during this week.
Arguably today could be ones of the biggest days for anyone with a Canadian Dollar requirement coming up as US GDP data is published at 130pm UK time.
As the US is the biggest trading partner with Canada any signs of a slowdown could see some problems for the Canadian Dollar so if you’re looking to send money to Canada could this be the key catalyst for an improved rate if US GDP comes out lower than expected.
US inflation is also due for release on Wednesday and my feeling is that there has been a little slowdown in the US which in turn could be reflected in the data and if this does happen we could see some small gains for the Pound vs the Canadian Dollar.
Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am confident of being able to help you by highlighting certain key events when buying or selling Canadian Dollars.
A quick email to compare GBPCAD exchange rates could save you hundreds if not thousands on your transfer of currency so if you would like further information or for a free quote then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]