Pound to Canadian Dollar outlook: Will GBP/CAD drop below 1.60 again?

GBP/CAD rate slides as both currencies weaken and upcoming week’s data likely to shift exchange rate

What factors are influencing the pound to Canadian dollar exchange rate?

Pound to Canadian dollar exchange rates have been slipping as concerns over Brexit emerge, with no-deal still remaining a possibility. Expectations are centred around Brexit for the pound, with continuing concerns over what Brexit will actually mean. For the Canadian dollar, there are numerous events ahead to be conscious of, including the Canadian election and the outlook on the Trade Wars.

Sterling exchange rates remain highly sensitive to Brexit developments

For the pound, the Conservative Party Conference which starts this week will shed some light on Boris and provide a snapshot of how the Conservative party plan to attack the likely General Election ahead. Political events have been crucial for sterling exchange rates in recent months, as the market attempts to assess where the UK is headed.

Boris has been in the headlines over the weekend with fresh controversy relating to his relationship with various women. Despite this, Boris has continued to make clear his position in regard to Brexit and remains as committed as ever to furthering his cause.

Clients looking to make a currency transfer buying or selling the pound against the Canadian dollar, will have plenty to keep their eyes on with October predicted to be a key month for Brexit. Investors will be closely monitoring the outlook on Brexit, to decide whether or not the pound is likely to rise or fall.

Whilst the pound had risen as investors expected it would become more likely that no-deal would be avoided, that expectation appears to have cooled in the last week, with sterling proving it is ever sensitive to the latest news on Brexit.

Pound to Canadian Dollar forecast

GBP/CAD levels may well find themselves below 1.60 if no-deal chatter persists this week and the Canadian dollar remains strong. The price of oil is a key point on the Canadian currency, and after weakening quite sharply as oil prices collapsed two weeks ago, it has staged a recovery as the worst case scenarios failed to materialise.

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