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GBP/CAD Forecast Overview
After a brief movement back up into the 1.90’s at the end of last week, the GBP/CAD exchange rates have declined again. Over the past month we have seen Sterling to Canadian Dollar exchange rates fall away, as uncertainty surrounding the future of Britain in the EU has caused the Pound to weaken off against its counterparts.
Today’s GBP/CAD exchange rates are trading between 1.8950 and just below 1.88. To put this into real terms, a typical transfer of $200,000 CAD would cost you a difference of almost £1000 between the high and the lows of just today.
This just outlines the importance of staying in close contact with your FCG account manager to stay up to date with the market movements and latest news effecting your currency purchase.
GBP/CAD 24 hour graph
Budget Statement and data effecting your currency purchase
This morning we have had some important numbers from the UK in the form of the Average Earnings Index and Claimant Count figures. These came in well above the forecast, with claimant count figures showing an impressive -18.0K compared to the -8.8k forecast.
As soon as the Chancellor started to speak about the budget statement, Sterling started to slide away as fears of the uncertainty of the UK economy grew. He also warns of the risks of leaving the EU and with the outcome of the vote now looking very close, it is likely to weaken the Pound further as we approach the outcome date.
Canadian Manufacturing show large improvements
Today the Canadian Dollar has received a large boost, as its latest Manufacturing data smashes the estimates. This morning we saw the monthly Manufacturing Sales and Foreign Securities Purchases from Canada. The manufacturing is the most influential of these and was forecast to show mild growth of 0.4%. When the actual figure was released at 2.3% the Canadian Dollar strengthened against its counterparts including the USD and GBP.
This coupled with the news from the UK caused the GBP/CAD exchange rates to lose any ground it gained in the morning off the back of better UK numbers and finished around 1.88 level, mid market.
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