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With the sharp drop in oil prices at the beginning of this year and with the Bank of Canada cutting their interest rates twice since January, the Canadian Dollar has been one of the worst performing of the major currencies in 2015.
In fact, since the beginning of the year, the CAD has weakened against the Pound by more than 12%, offering up some of the best opportunities for buying Canadian Dollars since 2007.
On Friday this week however, we could see some respite for anyone exchanging Canadian Dollars for Pounds, as inflation data for July is anticipated to highlight a slight improvement. This would signal that their most recent interest rate cut is starting to benefit the economy, which could in turn strengthen the CAD. With this in mind, anyone buying CAD should look to move early to avoid any potential losses on Friday.
If you would like to learn more about the factors affecting Canadian Dollar exchange rates, or need to transfer money to Canada, please contact me directly at firstname.lastname@example.org or call me on +44(0) 1494 725353.