Sterling predicted to fall further in 2018, should you exchange your Pounds now? (Joseph Wright)

GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of Canada Statement

This morning could be important for Sterling exchange rates as UK trade balance figures for the Pound are due to be released.

UK Trade balance figures are important because they will demonstrate the gap between what Britain buys from the rest of the world versus what it sells back.

This update comes at a time that major Swiss lender, UBS have highlighted the growing imbalance in the UK’s trade book which is the highest of all G7 countries. Due to the uncertainty surrounding the UK economy moving forward as the Brexit uncertainties continue to weigh on Sterling, UBS have stated that should foreign investment into the UK begin to decline the UK trade balance figures could become much worse and the Pound could fall up to another 20%.

This would occur due to a lack of support for the Pound as less investors pile into UK assets.

Aside from this morning’s data release there will also be a key release this afternoon, as a leading think tank will release the UK’s GDP figures which cover economic output. The Pound is likely to react to this figure depending on whether it meets, beats or doesn’t measure up to the expectations and feel free to get in touch if you wish to discuss this in further detail.

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.