Pound to Canadian dollar rates have slipped as the Canadian dollar finds some form on the back of a falling Unemployment rate. We have seen the loonie dollar strengthen as investors back the Canadian currency to rise further in the future, potentially on the back of a belief they might not have to cut interest rates as soon as some were initially predicting.
Sterling struggles as Brexit uncertainties weigh on pound to Canadian dollar rate
GBP/CAD levels are now in the 1.69s and could slip further as the pound struggles to keep its head above water in the light of Brexit uncertainties.
Looking forward, I expect the pound will have some tough questions to answer, particularly about who will be the next Conservative leader. Many are predicting that the pound will struggle in the coming weeks, owing to the likelihood that the next Conservative leader will have to be a strong backer of the no-deal Brexit. Expectations are high that we will see no-deal as a key feature of any serious Tory candidate’s policy moving forward.
Pound to Canadian dollar forecast
If you need to buy Canadian dollars with pounds, it is looking increasingly tough to expect the pound to rise amidst all the uncertainty. Whilst there could be a surprise or a shock along the way, there appears to be growing unease that the pound will remain very difficult to trade in the absence of any fresh positive news.
GBP/CAD levels will also be at the mercy of the latest news on the trade wars, with any comment or action by Donald Trump influencing the latest direction on sentiments. As a commodity currency, the value of the Canadian dollar can be determined by changes in sentiment in global trade.
If you have a currency transfer to consider on GBP/CAD, please keep in touch with me to discuss the latest news and events to help maximise your position.