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CA Dollar Nears 8-Week High Versus Pound, on NAFTA Deal Optimism

Market CommentaryCA Dollar Nears 8-Week High Versus Pound, on NAFTA Deal Optimism
CA Dollar Nears 8-Week High Versus Pound, on NAFTA Deal Optimism
Image credit: Steven Banks

Welcome to Pure FX's latest update of the Canadian dollar to pound interbank exchange rate.

This tells you when it's an excellent time to exchange Canadian dollars to pounds, for your money transfer!

The loonie jumps against sterling! The Canadian dollar to pound interbank exchange rate has reached 0.5818 today, just a whisker below its highest in 8 weeks, or since May 31st.

The Canadian dollar has jumped against the pound, because Canadian and Mexican government officials are confident that they can successfully renegotiate the NAFTA free trade deal.

The CA dollar has lifted, as Canadian foreign minister Chrystia Freeland and Mexican economy minister Ildefonso Guajardo yesterday said that they're "optimistic" about progress for NAFTA.

In particular, Mr. Guajardo added that "in the next few months… we are trying to constructively advance this negotiation", thereby boosting the Canadian dollar versus the pound.

What's more, this Monday US president Donald Trump told Mexico's president-elect Andrés Manuel López Obrador that he wants something "very positive" for trade, thus lifting the loonie too.

This has raised the CA dollar, because NAFTA is Canada's biggest free trade deal, with Mexico and the USA. Thus, successfully renegotiating NAFTA will greatly boost Canada's economy!

Pound Weakens, as Markets Protect Against "No Deal" Brexit

In addition, the Canadian dollar has also neared this 8-week against the pound, because financial markets are protecting themselves against the risk of a "no deal" Brexit for the UK.

Sterling has lost out, because international investors are taking insurance against the possibility that the UK will exit the EU in March 2019 without a new trade deal, thus weakening sterling.

In particular, it's thought that the UK must agree a deal before October's European Council summit, to give all members of the EU a chance to ratify the agreement, so dragging down the pound.

For example, investment giant JP Morgan said this week that it's "short" the pound in coming weeks, meaning that JP Morgan expects sterling to lose value in the near future.

"With the 29th March 19 Brexit date now visible on the horizon, investors are taking this opportunity to buy protection," added Bank of America's Kamal Sharma, thus hurting sterling too.

As a result, the Canadian dollar to pound interbank exchange rate has neared this 8-week high, and could continue to climb, looking forward!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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