The Canadian dollar continues to be supported on positive economic data with rates for CAD GBP sitting close to an eight month high. A recent rally in the price of oil as a result of a production cut by the Organisation of Petroleum Exporting Countries (OPEC) combined with stronger inflation numbers are all helping drive the price of the Canadian dollar higher.
After the Bank of Canada raised interest rates in July the Canadian dollar has remained very buoyant and there are question marks as to when there may be another interest rate increase from the central bank. Should the Bank of Canada hike rates then the Loonie could see additional gains across the board. There is reasonable chance there could be a rate hike later this year. There is currently an excellent opportunity for any client looking to sell Canadian dollars in to pounds and this opportunity may not last for too much longer if the pound starts to recover from its poor performance over the summer.
Clients with a pending requirement would be wise to get in touch sooner rather than later to consider their options. Although the outlook for the UK is very uncertain at present, largely as a result of Brexit there is a strong chance that as clarity is eventually offered on Brexit then the pound could see material gains. However there is still some way to go in the Brexit negotiations which will probably take another 18 months which means an extended period of uncertainty for GBP CAD exchange rates.
If you would like further information on Canadian dollar exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org