GBP/CAD exchange rates this week and what is moving them

What is moving GBP/CAD exchange rates this week

As you will see from the Graph below the GBP/CAD exchange rates, have taken a turn for the worse recently. Prices have gone from well above 2 Canadian Dollars to the Pound, to just above 1.87 at the recent lows.

To put this movement into real terms, a typical transfer of £200,000 would see a difference of around $45,000 CAD between the highs and the lows of the last few months. This just outlines the importance of staying in close contact with your dedicated account manager, to keep up to date with the latest news and market movements.

GBP/CAD graph

GBP/CAD exchange rates this week

Data effecting the exchange rates this week

The GBP/CAD exchange rates this week could be very volatile, as the UK gets closer to it referendum over it place in the EU and the global economies struggle to cope with the low oil prices and stock crashes, causing great uncertainty.

Putting these factors aside, let’s look at what economical data is being released that could change the amount you pay for your currency purchase.

It is a fairly quiet start to the week with minor data out from both sides of the GBP/CAD cross. Where the UK failed to impress with some poor net lending and mortgage approval figures, Canada actually beat the forecasts with its current account and retails prices index numbers. This started the Loonie off on the right foot, at the start of the week.

Tomorrow will be one of the most important days, as we will see the latest Manufacturing PMI from the UK and GDP figures from Canada. If you have an up and coming currency purchase, it is important to speak with your FCG account manager as this may effect the amount you pay greatly.

Wednesday and Thursday will also be important for Sterling, as further inflation data is being released in the form of Construction and Services PMI data. We end the week with Trade Balance numbers from Canada. This is forecast to show a contraction of around 1Bn. If the actual numbers can improve on this, we could see the GBP/CAD exchange rates fall away further.

Need to buy a currency?

With such uncertain times in the global economies, it is harder than ever to predict the direction of the exchange rates. We can keep you up to date with the latest market movements and give you all the information you need to make an informed decision about when to buy your currency.

If you have an up and coming currency purchase, we offer much better exchange rates than your banks or bureau de change. Opening a trading facility does not cost or obligate you in any way and only takes a couple of minutes online.

Alternatively, if you just want a free quote on your currency purchase, contact me directly on the details below or complete the enquiry form.
Richard BeaumontWritten by:
Richard Beaumont
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