Brexit and Coronavirus Weigh on GBP as Oil Price Collapse Causes CAD Value to Fall

Brexit and Coronavirus Weigh on GBP as Oil Price Collapse Causes CAD Value to...

The pound is not the destination of choice when it comes to times of global economic uncertainty. It is not considered a safe haven currency and there is a huge imbalance between imports and exports which causes fragility for the pound. Coronavirus and Brexit Cause Sterling Weakness Even without the coronavirus situation sterling is not in good standing, there is still Brexit to contend with. Investors are concerned at the probability of a no deal scenario and Boris has done little to ease those concerns. Despite...
CAD Weakens Due to Worst Mass Murder in 30 Years Announced on Sunday

CAD Weakens Due to Worst Mass Murder in 30 Years Announced on Sunday

The Canadian dollar has weakened significantly this morning against the pound after the worst mass shooting in 30 years was announced on Sunday. Acts of terror historically have a negative impact on the currency in question due to the uncertainty they cause. Mass shootings like this are far less common in Canada than in neighboring US and therefore this could result in more volatility in CAD rates. The rampage is believed to have been made by a single gunman who disguised his car as a...
Pound to Canadian Dollar Drifts Lower as Global Sentiment Improves

Bank of Canada’s Detailed Virus Analysis Reflects Record Highs for GBPCAD

The pound’s inroads against the Canadian dollar have continued this week as investors continue to push away from the riskier commodity-based currencies like the Loonie. In fact ever since the Bank of Canada interest rate meeting on Tuesday, the Canadian dollar has been losing ground against the pound and it’s major currency counterparts, with no clear level of support in sight. Indeed, currently trading in and around the 1.76 on interbank rates, pound holders are currently enjoying levels that have been achieved just 5...
Gbp to Cad Exchange Rate Hits a 1-Month High as Risk Appetite Returns to Global Markets

GBP to CAD Exchange Rate Hits a 1-Month High as Risk Appetite Returns to...

The pound has been climbing against the majority of major currency pairs recently, with GBP/CAD hitting a 1-month high of almost 1.76 after hitting a 6-month low of 1.66 just a few weeks ago. It’s no secret that the pound tends to suffer during market sell-offs and we saw this in March. As the reality of the Corvid-19 lockdown spread, the pound was sold off in such a dramatic fashion that cable (GBPUSD) fell to a 35-year low and GBPEUR fell to the lowest...
GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of Canada Statement

GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of...

Sterling has made gains against the Canadian dollar this morning, as UK health experts announced yesterday morning that they expect daily deaths from Coronavirus to continue to rise this week, but that there could be a plateau in the numbers over the coming two to three weeks. The government’s chief scientific adviser, Patrick Vallance, stated, “You’d expect that (the plateau) to go on for two or three weeks but I can’t be absolutely sure on the time of that.” This statement comes as Spain...
Pound to Canadian Dollar Drifts Lower as Global Sentiment Improves

GBP to CAD Forecast: Canadian Dollar Exchange Rates Hold Firm Ahead of Employment Data...

The Canadian dollar has returned to levels seen at the beginning of the week with GBPCAD once again trending back above the 1.74 (interbank) mark as the markets prepare themselves for next week’s Bank of Canada interest rate decision. The meeting comes with the BOC having already slashed rates 3 times in March to help the Canadian economy rebalance as the virus pulled business to a standstill. The central bank reportedly called 52 leading firms and a further 11 industry experts in order to...
Canadian Dollar Could See Increased Support if Deal is Agreed at Oil Company Summit

Canadian Dollar Could See Increased Support if Deal is Agreed at Oil Company Summit

Sterling is not considered the destination of choice during times of global economic uncertainty. The amount the UK import compares to export is huge and as such makes the currency fragile in these unprecedented times. We also have Brexit to contend with and at present there has been no confirmed extension past 2020 which leaves the chance of a no deal still on the table which does not sit well with investors. If an extension is announced we could see sterling strengthen. Boris Johnson...
GBPCAD Rate Update: Oil Prices Fall, Along With UK Construction Output

GBPCAD Rate Update: Oil Prices Fall, Along With UK Construction Output

The Pound sustained periods of losses throughout trading yesterday against CAD, owing to negative data sets being released and fears over how the UK economy will fare during and after the current Coronavirus crisis. Yesterday morning the UK construction sector posted the biggest slowdown seen in over 10 years for March, and this even though not all construction output has been halted throughout this period. On top of this, economists are warning that Britain, amongst over countries, is facing what could be the greatest...
Pound Sterling Moves Higher Against the Canadian Dollar on Oil Price Concerns

GBP/CAD Remains Within a Few Cents of the 2 Year High Despite COVID-19

The Pound against the Canadian Dollar currently sits just under 5 cents below the high for the last two years, as the volatility looks set to continue. In the last few weeks we have seen the GBP/CAD rate as low as 1.65 however the rate is currently floating just below the 1.75 level putting the rate just off the 1.80 highs of the last few years. What this does suggest is that if you’re looking to purchase Canadian Dollars despite the troubles that Sterling...
How Is COVID-19 Effecting GBP to CAD Exchange Rate?

How Is COVID-19 Effecting GBP to CAD Exchange Rate?

In times of global economic uncertainty Sterling usually does not fair well due to our imports far outweighing our exports. On top of the Coronavirus situation we also have Brexit to contend with. There is a complete lack of clarity surrounding trade and it seems unlikely we will have a solution by the end of the year. Boris Johnson has stated on many an occasion he intends to get a deal done by the end of 2020. One of the biggest concerns for investors is...