Pound to Canadian Dollar rate getting closer to post-Brexit vote lows (Joseph Wright)

Oil Prices and Brexit Casuing Volatility for Pound to Canadian Dollar Exchange Rates

When compared with the Canadian Dollar, the Pound isn’t in as bad a position as it is when compared with the Euros for example.

Since the Brexit vote last June the lowest the GBP/CAD rate has dropped is around 1.5850, and at the moment the Pound to Canadian Dollar rate is trading around 5-6 cents higher than level.

The Pound has been fortunate not to fall back to those lower levels as this week the Pound to Euro rate has hit a new post-Brexit vote low, which is what the GBP/CAD rate would most likely have done if the Canadian Dollar wasn’t under some pressure of its own.

The price of oil has recently dropped with has negatively impacted the Loonies value due to oil being one of the nations biggest exports. At the same time demand for the commodity based currencies such as CAD, ZAR and AUD have been in less demand than usual due to the geopolitical concerns surrounding the US and North Korea tensions at the moment.

There isn’t any major economic data scheduled for releases later today out of the UK or Canada, so the pair are likely to be driven by sentiment.

If you have a large 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.