Pound Sterling hits lowest point vs the Canadian Dollar since October 2017

The Canadian Dollar has been strengthening against the Pound recently as rumours are increasing that the agreement between the US and Mexico may even extend to a trilateral deal that will also include Canada.

This has encouraged investors to bet heavily that Canada will receive some good news in the near future in terms of the NAFTA agreement and this is why we have seen GBPCAD exchange rates drop to the 1.66 levels earlier today, which is the lowest level to buy Canadian Dollars since October 2017.

Canada sends approximately 75% of its exports to the US so if the talks go well this could provide a real boost for the economy and therefore the Canadian Dollar vs the Pound.

The price of oil has also been rising recently and as this is one of Canada’s main exports this has also helped the strength of the Canadian Dollar vs Sterling.

US President Donald Trump has announced that both the US and Mexico have agreed to revamp the current NAFTA agreement and he has come out to say that we will see whether or not we decide to put up Canada or just do a separate deal with Canada.

In the meantime Canadian Prime Minister Justin Trudeau has said the talks between himself and Trump were constructive and I think if a resolution takes place that works for both countries this could see some further positive gains for the Canadian Dollar.

Therefore, if you’re in the process of sending money to Canada from the UK then it might be worth getting things organised in the very near future.

If you would like assistance with timing your transfer in order to maximise your return when buying Canadian Dollars feel free to contact me directly using [email protected].

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