Its been a volatile start to 2019 for the GBPCAD pairing with movement of approximately 9 cents from the highest and lowest points, with the highest levels seen towards the end of March, when mid-market levels were trading above 1.77.
|Currency Pair||% Change (Month)||Difference on £200,000|
In monetary terms, at the peak of the market £200,000 was worth approximately $17,000 more when compared to the lowest points in January.
After reaching the best levels in the last 8-months, the pound has since seen a drop-off against the Loonie, with mid-market levels trading within a relatively narrow range over the last few weeks.
Last week, the Bank of Canada (BoC) released their latest interest rate decision and no change was made to the current level of 1.75%, which consequently saw a brief spike for sterling.
The Central Bank reviews interest rate levels every 6 weeks and have only made 3 hikes since December 2017 and with a relatively slow start to the year shown in past economic data, analysts did expect a cut could be on the cards as the bank tends to cut its rate when it wants to stimulate the economy and increase rates if there are concerns that the economy is overheating.
One factor that could influence the next decision and have an impact on CAD market sentiment could be the latest Gross Domestic Product (GDP) release tomorrow, which is expected to show a reduction from the previous of 0.2%.
With such uncertainty surrounding sterling currency markets in light of the on-going Brexit uncertainty, the GBPCAD paring could remain volatile, so clients with an upcoming requirement should get in touch with their account manager here at Foreign Currency Direct to keep up to date with the latest market information.
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