The pound is looking like it will only struggle further against the Canadian dollar as we get closer to the reality of the Brexit. Brexit uncertainties are probably not a surprise to many reading this blog, you might even be bored of hearing about them but if you are concerned with the pound and the Canadian dollar on any form of transaction, it is a reality you will need to face up to.
The pound looks like it could well drop much further as politically and economically the pound suffers dragging GBPCAD lower and lower. Of course the Canadian currency itself is also performing much better this year being on a loose path to raising interest rates and also as its largest trading partner, the US continues to grow.
Of course there are big challenges ahead for the Canadian economy, namely will the price of Oil remain supported? Will Trump’s efforts to tear up NAFTA (North American Free Trade Agreement) bring misery for the Canadian economy? Such questions pose a big challenge for the GBPCAD rates at the moment, if you have a transfer to make buying or selling the Canadian dollar in the future then understanding the market and all of your options is crucial to getting the best deals.
For more information at no cost or obligation please speak to me Jonathan by emailing [email protected]. Thank you for reading and I look forward to hearing from you.