The Pound has hit its best level to buy Canadian Dollars since the start of August after the Bank of England announced that they may be looking at increasing interest rates sooner than the market currently expects.
The previous expectation was that the next interest rate hike may come in 2019 but Thursday’s announcement has changed things and really put the cat amongst the pigeons.
This has seen Sterling shoot up against a whole host of currencies including vs the Canadian Dollar.
Indeed, only a fortnight ago GBPCAD exchange rates were trading below 1.60 but we have seen the Pound gain by over 3% in value during the course of this week creating some excellent opportunities for anyone looking to buy Canadian Dollars with Pounds hitting 1.65+ on the Interbank level.
This week we saw high inflation and the best unemployment levels in over 30 years and combined with a future interest rate hike all three announcements were extremely positive for the Pound.
Next Friday Britain’s Prime Minister Theresa May will be taking centre stage in Florence to discuss her vision of a post-Brexit Britain.
This is likely to cause a lot more volatility for GBPCAD exchange rates so make sure you’re prepared well in advance if you’ve got a pending currency transfer to make.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.