The Pound has continued to remain strong against the Canadian Dollar recently as the NAFTA deal is still causing uncertainty between the US and Canada. This has been going on for months and although there were some positive comments earlier this month it is still far from getting resolved.
Indeed, the Canadian Dollar is now close to a three year low against the US Dollar and we are getting close to pre-referendum rates for GBPCAD exchange rates. The problem with NAFTA is that Canada exports as much as 75% of its exports south of the border to the US.
On Friday Canada will release its latest set of GDP data which is expected to hit 2.5% but many analysts expect this to fall short and if this happens I think we could see GBPCAD exchange rates move in an upwards direction.
Turning the focus back to what is happening in the UK Prime Minister Theresa May is due to be speaking about her plans regarding Brexit on Friday and this could cause a lot of volatility on the foreign exchange markets and if the talks are taken positively I think this could potentially be the catalyst to send GBPCAD exchange rates up towards 1.80 creating some excellent opportunities to buy Canadian Dollars with Pounds.
If you’re in the process of looking at buying or selling Canadian Dollars and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Having worked for one of the UK’s leading currency brokers since 2003 I am confident not only of being able to offer you better rates of exchange but also help you with the timing of your currency transfer.
For further information or a free quote then email me directly and I look forward to hearing from you.
Tom Holian [email protected]