GBP/CAD levels have remained steady recently as both the GBP and the CAD gain value. Sterling news with regards to the Brexit and the general view that it has not impacted UK PLC as much as many had feared, has resulted in the Pounds value climbing this week. Conversely the Canadian dollar has also gained in value as data domestically has been showing signs of improvements and oil prices have climbed in value once more.
However since the middle of January buying GBP/CAD has climbed by over 5% giving traders an additional $7,800 on a £100,000 transfer and is now sitting within a cent of the highest levels seen through 2017.
Canada is a net exporter of Oil meaning it is an important part of the economy. Oil prices have this year been climbing in value following the recent agreement by OPEC members to cut production. Recently oil has climbed further in value still as speculation that the Trump administration will start to raise new sanctions against Iran which could contract the supplies from the Middle-East. It seems likely that these concerns will continue so in turn expect this story to continue to make buying the Canadian Dollar more expensive.
Next week we have the latest update on the manufacturing sector in Canada on Wednesday. This sector has continued to see growth and ended last year up by over 1.5%. Sales in 14 of 21 industries where up, the largest of which was metal manufacture.
The latest updates are expected to show yet another climb and will in turn likely make buying the loonie more expensive on Wednesday of next week. As a result if you are looking to buy GBP/CAD you may want to consider moving sooner rather than later.
To learn more about what could affect GBP/CAD in the weeks and months ahead, why not speak to one of our experts on 01494 725 353 or by emailing me personally here.
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