The Canadian dollar is looking slightly weaker against the pound which has surprisingly found some form lately. We are still not out of the woods for the Brexit and it does feel the Canadian dollar should from the fundamental considerations being strengthening very soon. More often than not currency rates move in advance of an event and I think this is why rates are so good.
If you are looking to buy Canadian dollars we are at some of the best rates to sell pounds for the Loonie since the EU vote 19 months ago. Overall expectations for the GBPCAD rate are that it could drop lower as the pound comes under pressure from Brexit uncertainty plus the markets begin to question the likelihood of the NAFTA deal collapsing.
The North Atlantic Free Trade Agreement has been targetted by Trump who wants it torn up to help the US economy. He argues it is bad for US companies, this could pose a great challenge to the Canadian economy but in my opinion is unlikely to be completely rejected. Trump cannot just push a button and cancel these arrangements, he has to pass measures through a legislative procedure and this all takes time.
I expect the growing global economy will continue to support the Canadian economy and also importantly demand for oil. This should all help to boost the Canadian economy and the Canadian dollar as they are both supported by strong demand for Canadian raw materials.
If you are buying Canadian dollars with pounds I would suggest looking to buy sooner on these spikes as there seems a good chance the current good news will not last for too long.
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