GBP/CAD exchange rates

Richard BeaumontWritten by:
Richard Beaumont
T: 01442 892 060

GBP/CAD exchange rates

It has been a very quiet week as far as data is concerned for the Canadian Dollar but this hasn’t stopped the exchange rates moving around.

In the last week alone, we have seen over a three point movement in the GBP/CAD exchange rates. To put this into monetary terms, a typical transfer of £200,000 would see you receive a difference of $6000 between the highs and lows of the last few days.

The only event of note so far this week, was a speech by Bank of Canada Governor, Poloz. This had a pessimistic tone and weekend off the Loonie against a basket of major currencies, including Sterling.

Friday we will see the first meaningful data of the week from Canada, in the form of the monthly GDP figures. This shows the total change in inflation adjusted value of all the goods and services produced by the Canadian economy over the last month.

Canada is unique in this respect because they release their GDP figures on a monthly, as well as a quarterly, basis. This does make monitoring the health of the economy a lot easier.

Despite the previous figure showing a positive 0.6%, this months forecast is for a negative -0.1%. If the figures do slip into negative territory, we could see the Canadian exchange rates rise, as it becomes cheaper to buy.

GBP/CAD graph

GBP/CAD exchange rates

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We offer various contracts to suit every requirement and our team of dedicated brokers can guide you through the whole process from start to finish. Opening a trading facility does not cost or obligate you in any way and only takes a couple of minutes online, just click the link to get started.

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Richard Beaumont
T: 01442 892 060