The Canadian Dollar has gained almost 5 cents against the Pound over the past week after the Bank of Canada unexpectedly opted to raise interest rates yesterday and late last week it emerged the economy is growing at a much higher pace than expected.
This comes at a time the Pound is under pressure after fears surrounding the Brexit negotiations and proposed ‘Brexit Bill’ are weighing on the Pound, and to put things into context for those reading this the current Pound to Euro rate is currently trading around an 8-year low.
Tomorrow there could be further swings for the GBP to CAD exchange rate as well as next week, and I think those with a currency requirement involving the GBP/CAD pair should be aware of the following news releases.
Tomorrow morning at 9.30am there will be the release of Consumer Inflation Expectations out of the UK, the previous figure was 2.8% and inflation data has the potential to create movement within GBP exchange rates as it will determine when the next interest rate is likely.
In the afternoon there will be UK GDP data from a leading think tank and this will be followed by Canadian Employment data which is also worth looking out for.
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.