Pound to Canadian Dollar rate hits a 3-month low after BoE member fails to mention rate hike, where to next for GBP/CAD?

How Is COVID-19 Effecting GBP to CAD Exchange Rate?

Investors and clients hoping to change Pound into Canadian Dollars at higher rates have been left disappointed today.

In this flat market many within the financial services has been awaiting the comments from Bank of England governor Ben Broadbent this lunchtime, as many had hoped that he would make a reference to his his option on whether there should be an interest rate hike in the UK in the short term future.

We’ve been receiving mixed messages from the BoE recently and after an almost 50:50 vote the last time round there were hopes of an interest rate hike which would likely result in Sterling strength.

Sterling bulls were left disappointed though as Mr Broadbent opted not to mention inflation/interest rates within the UK and since then we’ve seen the Pound fall quite dramatically.

Being in touch with us has helped a number of clients today, as those with price targets and also those that wish to be kept updated regarding short term moves will have benefited from our service.

Tomorrow at 3pm there will be a key release out of Canada with many expecting to see interest rates hiked. I would expect to see the value of CAD drop if there is no hike as a rate hike appears to be priced into the markets at this stage.

If you have a 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.