Pound to Canadian Dollar exchange rates near September 2017 lows
The last time the pound to Canadian dollar rate fell below 1.60 was in September 2017 which is almost two years ago, and with the pound losing value against the loonie on almost a daily basis at the moment I don’t think that it’s outside the realm of possibility for sterling to perhaps test those levels again soon.
With the loonie going from strength to strength and sterling putting up little fight, those planning on exchanging pound’s into Canadian dollars are witnessing the transfer become increasingly expensive, with few signs of a turnaround anytime soon. The GBP to CAD exchange rate has fallen the most of all sterling pairs so far in 2019, making the conversion of Canadian dollars into pounds an attractive pairing when we consider the trading levels of recent years.
Pound to remain weak against the Canadian Dollar: Will there be a change in GBP/CAD rates when a new UK PM is elected?
Sterling is likely to remain weak, and or least flat against other currencies until the Conservative Leadership contest has taken place as the ongoing political uncertainty is continuing to weigh on the pound’s value. Last night there was the first of two televised debates between frontrunner Boris Johnson and his opponent Jeremy Hunt. The bookies have Boris Johnson down as the favourite, so I would expect any changes to this expectation to result in volatility for the pound.
UK GBP figures
UK Gross Domestic Product figures has come out in line with expectations this morning at 0.3% month on month, with sterling remaining relatively unchanged so far today. Political updates are the main driver of value for the Pound at the moment, and if you would like to be updated in the event of a market move do feel free to register your interest with me.
Data due to be released out of the UK and Canada is light this week, so any major changes would most likely be driven by political updates out of the UK. You can contact me directly using the form below if you would like to learn more or have an upcoming currency transfer. I look forward to hearing from you.