The Pound to Canadian Dollar rate, despite trading within quite a wide range over the past year is actually flat on an annualised basis, after the Pound has lost quite a lot of value in recent weeks due to mounting pressure on the UK’s Prime Minister.
There are apparently dozens of Conservative MP’s that are prepared to sign a vote of no-confidence against the current PM which is putting pressure on the Pounds value, and recently it’s fallen against the majority of major currency pairs.
At the same time oil has strengthened recently which has boosted the Loonie’s value also, which has accentuated the drop in the GBP to CAD value which was trading over 1.70 earlier in the month.
The rate of inflation fell below the Bank of England’s predictions for the month of October, which has lead many economists to questions whether the BoE was right to hike the rates earlier this month for the first time in 10-years.
Moving forward I think that if inflationary pressures do subside and the PM’s position continues to be questioned I think we may see the Pound soften as the end of the year approaches.
If you have an upcoming currency requirement involving the pair discussed in this blog, do feel free to get in touch if you wish to be updated if there is a spike in the rate.
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.