At present GBPCAD exchange rates are being dictated by events in the UK. The spotlight is certainly shining on UK Prime Minister Theresa May as reports were leaked 5 days ago suggesting 40 Conservative MPs plan to sign a vote of no confidence in the Prime Minister. For this to materialise there will need to be 48 members that sign the bill.
In addition pressure is mounting on all involved with the Brexit negotiations as head Eu negotiator Michel Barnier gave 2 week deadline to the UK for progression. As this announcement was released last Friday there are only 8 days until the public should know more about Brexit and if the UK plan to pay a divorce settlement bill.
With Brexit negotiations in full swing, I expect major volatility for GBPCAD exchange rates for the remainder of the year. Quite simply if no progression is made I believe Theresa May’s time as Prime Minister is limited and therefore GBPCAD exchange rates could fall to the lows that we saw 3 months ago (high 1.50s). However if a deal is struck and progression is made on the key topics the pound could continue on an upward trend to fresh highs.
The currency company I work for enables me to buy and sell Canadian Dollars at rates better than other brokerages and high street banks. If you are buying or selling euros this year feel free to send me the currency pair you are trading (CADUSD, CADEUR, CADGBP) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair email@example.com. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn