Brexit continues to dominate pound to Canadian dollar rates
Brexit news is constantly effecting Sterling value with each statement in the process causing volatility on the market. We saw significant gains for the pound last week following news that the UK were on the cusp of a Brexit deal. News that the UK financial sector would have access to the customs union was one of the key points of contention, this bolstered the pound’s position. However, the Irish border deal remains unresolved.
Following a spike in the pound’s value last week, Jo Johnson announced his resignation which he cited was due to his unhappiness regarding the Brexit deal. Personally, I feel this is just another thinly veiled rouse to oust Theresa May rather than any genuine concern for Britain’s deal with Brussels. The Pound fell in value following his resignation.
Pound vs Canadian dollar forecast: The next 36 hours will be key to the Pound’s value
Michel Barnier has given until the end of play tomorrow to have a preliminary deal in place if we are to have an EU summit on the 23rd November. If this summit is announced expect the pound to gain strength against the Canadian dollar.
Do not expect the Pound to Canadian dollar rate to shoot up ten cents, it is important to remember that the deal will still have to go through Parliament in January. This is far from a foregone conclusion with many politicians up in arms over Theresa May’s current deal. If May makes compromises with Brussels the chances of the deal passing through Parliament will drop, which puts her position in negotiations extremely difficult.
Considering where Pound to Canadian dollar rate has been over the last few months, if I was buying Canadian dollars I would not be aiming for more than 1.7250 short term. Despite this if I was selling Canadian Dollars I would take advantage of current levels, simply by weighing up the risk versus the reward. If a Brexit deal is agreed we could see substantial Sterling gains, whereas if we see further problems in talks I think the gains will be limited.
If you have a currency requirement I will be happy to assist. If you let me know the details of your trade I will endeavour to produce a free trading strategy. During a period of such uncertainty it is important to be in touch with an experienced broker if you wish to maximise your return. We have tools at our disposal to make sure you do not miss out if there is a spike in your favour.
There are little releases of consequence from Canada this week so keep a close eye on Brexit news if you are hoping to maximise your return.
If you already have a currency provider in place. Drop me an email with what you are being offered and I am very confident I will be able to demonstrate a significant saving.
If you would like my help I can be contacted using the form below: