Pound to Canadian Dollar exchange rate: Outlook for UK economy remains unclear as Boris Johnson settles in to Prime Minister role

Pound to Canadian Dollar exchange rate Outlook for UK economy remains unclear as Boris Johnson settles in to Prime Minister role

Boris vows to bring the UK out of the EU by October 31st deadline

Boris Johnson, the new Prime Minister of the UK has 97-days to take the UK out of the EU as outlined during his leadership campaign although at the present moment the way he will achieve this remains unclear.

Despite all the political uncertainty that surrounds the UK economy moving forward, the UK economy has remained resilient for example, UK unemployment is running at its lowest level in 44-years and inflation levels within the UK are no-where near as stubborn as those over in the Eurozone for example.

Had the UK economy been negatively impacted by Brexit and all that surrounds to the extent of the warnings before the vote, the chances are that the pound to Canadian dollar exchange rate would be trading much lower than the current levels. GBP/CAD rates at the moment are trading in the later 1.63’s although much of the losses for GBP/CAD recently can be put down to Loonie strength as well as some sterling weakness.

Canadian Dollar strongest performing G10 currency

The Canadian dollar is the strongest performing currency of the G10 group so far in 2019, as the trade war talks between the US and China have become less heated and this has aided the likes of CAD which tends to perform well when there are less global growth concerns.

To end the week there are no major economic data releases out of the UK or Canada, but the release of GDP data out of the US at 1.30pm this afternoon could see movement for other currencies due to its global significance.

Economic data, despite being quite impressive out of the UK recently tends to play second fiddle to politics as the deadline for Brexit edges closer, and if you wish to be updated in the event of a major market move for the pound or any other major currency paring, do feel free to register your interest with me using the form below.