Despite the Bank of Canada having increased interest rates earlier this week the Canadian Dollar has actually weakened against the Pound during the last few days.
Indeed, GBPCAD exchange rates are now at their best trading level since the end of November.
The CAD$ has weakened owing to the uncertainty surrounding both NAFTA as well as the problems in the US with the government facing a shutdown.
A deadline has been set for midnight tonight as Trump and Republican leaders in Congress are looking to pass a spending bill in order to keep the US government open.
When this happened previously back in October 2013 this lasted for a fortnight and over 800,000 employees were affected.
The shutdown affects a number of different agencies and this will often negatively affect the value of the US economy and therefore will also negatively affect the Canadian Dollar as well.
The ongoing problems with what is happening with the NAFTA agreement has also weakened the Canadian Dollar and whilst this uncertainty continues I think the CAD could remain under a lot of pressure against the Pound.
UK Retail Sales came out a lot lower than expected this morning and typically this would result in Sterling falling against the Canadian Dollar but owing to the problems in the US as well as NAFTA this is the reason for the ongoing Canadian Dollar weakness.
Therefore, if you’re looking at selling Canadian Dollars it may be worth getting this organised in the near future.
If you have a need to make a currency transfer involving buying or selling Canadian Dollars in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.