The pound to Canadian dollar exchange rate had been improving at a rapid pace, improving in 2018 by over 14 cents presenting some of the best rates to buy Canadian dollars since the Referendum. The overall expectations for the pound are to see further improvements as we get further clarification on the Brexit and also interest rates.
The Canadian dollar has been strengthening owing to the rising price of oil which has seen the Canadian dollar strengthen owing to oil being one of its major exports. The general fluctuations in the Canadian dollar can be directly linked to the price of Oil and the value of other exports from Canada. As a commodity-based currency, the Loonie dollar will fluctuate too owing to global concerns surrounding worries and fears over the global economy.
If you are looking to buy or sell Canadian dollars for pounds then targetting the very best rates of exchange in the future will be largely determined by some of the recent developments on Brexit and interest rated for the UK. For the Canadian dollar we need to look more closely at the Bank of Canada and understand better their views on possibly raising interest rates.
The BoC did raise interest rates last year which had seen the currency much stronger, the reduced pace of hikes has been another contributing factor to seeing the Loonie dollar softer. However, it is believed there could be further hikes in the future, if you are looking to buy or sell the Canadian dollar this is something to be aware which could strengthen the currency.
With so many reasons to be cautious about future developments in the currency markets concerning the Canadian dollar, getting as much information and news as possible might be helpful to help you make an informed decision about when to execute any exchange. To learn more please contact me Jonathan Watson by emailing [email protected]