Will the Bank of England increase interest rates and the impact on Canadian Dollars? (Tom Holian)

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The Pound has made some very positive gains vs the Canadian Dollar during September as rumours build in the UK that the Bank of England is gearing itself up for an interest rate hike on November 2nd.

Interest rates have only been moved down for the last few years in the UK so an interest rate hike could send Sterling in an upwards direction against all currencies including vs the Canadian Dollar potentially making buying Canadian Dollars cheaper in the near future.

On Thursday Canada releases its latest set of Exports data and with troubles between themselves and the US I think the figures could come out lower than expected which could see GBPCAD rates move once again in an upwards direction.

We end the week with Canadian unemployment data with expectations for 6.2% which could be the lowest in years so any gains for Sterling on Thursday could disappear if the data comes in as expected on Friday afternoon.

Therefore, if you’re got a currency transfer to make involving Canadian Dollars in the near future then keep a close eye out for movement on Thursday and Friday.

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.