The Pound to Canadian Dollar exchange rate has continued its downward trend during today’s trading session, and I think it will be interesting to see whether 1.60 manages to act as a support level or not moving forward.
The lowest level the pair have hit today is 1.6014 so the key level is getting closer.
Sterling is generally under pressure at the moment but it has been helped today after UK GDP figures for July showed an improvement at a time when many are concerned that the UK economy is beginning slowdown.
With regards to other major currency pairs some key psychological levels have been breached in recent weeks, with GBP/EUR falling below the long-standing 1.10 support mark so those planning a GBP/CAD transfer and hoping the Pound climbs need to be aware of this as sometimes it can be good to compare how currencies are performing across the board.
There are no major economic announcements scheduled out of the UK or Canada for the rest of the week so I expect the pair to continue to be driven by sentiment which may not work in the favour of Sterling, although with the North American Free Trade Agreement (NAFTA) being put under the microscope by US President Donald Trump the same applies for Canada, especially if Trump makes any more unexpected negative comments on the agreement.
Next week Canadian GDP figures will be released on Thursday so that would be another reason for the GBP/CAD pair to experience some price movements.
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 [email protected] and I will endeavour to get back to you as soon as I can.