Following the Bank Holiday weekend, Sterling has seen huge strength today pushing GBP/CAD exchange rates through the 1.70 level for the first time since November last year.
If you would like to take advantage of these gains, open a free, no obligations trading facility today.
GBP/CAD exchange rate graph
Shock election news
A surprise announcement from outside number 10 this morning saw the Pound rocket against a basket of major currencies, including the Canadian Dollar.
Teresa May, announced they will hold a general election on the 8th June. This initially caused the Pound to fall but was quickly seen as a positive for the UK. Holding a general election now, while Ms May’s party has the lead in the polls, will ensure she will have full control over the Brexit negotiations.
This removes some of the uncertainty from the future of the UK and has given the pound a well needed respite.
What will affect your currency purchase this week?
There are several minor speeches and releases throughout this week but it won’t be until Friday we see the first meaningful data effecting exchange rates. This is when we will see the latest CPI data from Canada.
This is forecast to show good growth and could strengthen the Loonie against its counterparts, bringing rates down.
As we can see from this morning’s movements, any piece of political data can have a huge effect on the price you pay for your currency. Stay in close contact with your FCG account manager to keep one step ahead and ensure you don’t get caught out if the exchange rates move against you.
Do you need to buy or sell Canadian Dollars?
Using Foremost Currency Group could save you thousands on your currency purchase. We offer very competitive exchange rates and have various contracts to suit every requirement. Whether you are buying a property abroad, paying foreign suppliers or just topping up an overseas account, we can help save you money.
Opening a trading facility with Foremost Currency Group does not cost or obligate you in any way and only takes a few minutes online.
Alternatively, if you would just like a free quote on your currency purchase to find out how much you could save, request a free consultation today or contact us directly on the details below.
T: 01442 892 060