The pound to Canadian dollar exchange rate is looking slightly better for Canadian dollar buyers as the pound finds its way slightly back into favour edging back to the 1.68 level which is a great improvement compared to the 1.66 on offer earlier this week. If you have a transfer to make selling the pound to buy Canadian dollars in the future further improvements cannot be ruled out in the coming weeks and months but I do feel it is less likely than it was a few weeks ago as the pound rises on the back of a turn of events which may bolster the pound.
The pound has bounced back against many currencies as investors bet that the Bank of England might be looking to raise interest rates soon. The political uncertainty in the UK too is also paradoxically helping the pound as the uncertainty over the Brexit means a hard Brexit is less likely than previously believed. Theresa May is the UK Prime Minister but could easily find herself out of a job, her plans for a hard Brexit being thwarted are easily making a soft Brexit more likely which will only help sterling.
If you need to buy or sell the pound and Canadian dollar the current lift for sterling against the Canadian dollar is presenting a good opportunity but there are other events playing out which could easily help even further. If you are buying Canadian dollars and wish to get a little more for your money we can help with a rate which will save you money plus assistance with the timing. I have many clients buying Australian dollars who I am targeting rates of 1.70 for.
To learn more about the latest forecast and trends on the GBPCAD foreign exchange market please speak to me Jonathan Watson by emailing [email protected]. I am very confident I can offer you some expert insight and useful information to help you maximise your currency transaction.
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