T: 01442 892 060
Pound to Canadian Dollar forecast
Today has seen the GBP/CAD exchange rates start the day just above 1.81 before rising over a point to 1.8275 at the highs.
If you are buying a property abroad, even a normal daily movement like this, can have a large effect on the amount you pay for your dream home abroad. A typical property purchase of $300,000 would cost you over £1500 more this afternoon, than the same trade this morning.
This just shows how even a relatively quiet day on the markets can still have a large effect on the amount you pay. Given the global uncertainty at the moment and political issues such as the EU referendum in the UK, it is easy to see how the markets could move dramatically in a short space of time.
So far this year we have seen the Sterling to Canadian Dollar exchange rates fall well over 10%, making it a lot more expensive to buy the Loonie. With the up and coming referendum in the UK and with commodity reliant economies like Canada taking advantage of the situation in china, there is a very good chance of the rates declining further over the coming months.
GBP/CAD exchange rate graph
If you have an up and coming currency requirement, our team of dedicated brokers can guide you through the process and help ensure you are making your money go further.
Opening a trading facility does not cost or obligate you in any way and only takes a couple of minutes online. We have various contracts to suit every need and allow you to lock into a rate of exchange for up to two years into the future.
If you would like more information about how we can help you, complete the enquiry form or contact me directly on the details below. Alternatively, open a free, no obligations trading facility today.
Tomorrow’s data effecting exchange rates
Tomorrow we end the week with some very influential Canadian numbers in the form of Core CPI and Core Retail sales.
These could have a large effect on the price you pay for your currency, if the actual figures stray to far from the forecast. The retail sales are forecast to show a negative -0.8% so could easily beat this and strengthen the Loonie against its counterparts.
T: 01442 892 060