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Canadian Dollar Hits 3-Week High Versus Pound, as BoC May Hike

Market CommentaryCanadian Dollar Hits 3-Week High Versus Pound, as BoC May Hike
Canadian Dollar Hits 3-Week High Versus Pound, as BoC May Hike
Image credit: Sam Savine.

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

The loonie flies higher versus sterling! The Canadian dollar to pound interbank exchange rate has reached 0.5933 today, its highest in 3 weeks, or since December 17th.

By contrast, back on December 26th, the CA dollar was as low as 0.5699 versus the pound, so it's since strengthened by over +2.25 cents, or +4.1%!

To put this into context for you, CA$250,000 transferred to the UK at this interbank exchange rate would be worth £148,325, or £5,850 more than on December 26th!

So if you're a Canadian thinking of emigrating to the UK, this may help your money transfer.

Loonie Rises, as Bank of Canada Forecast to Lift Interest Rates

The Canadian dollar to pound interbank exchange rate has hit this 3-week high, because it's forecast that the Bank of Canada (BoC) will soon lift interest rates further.

Today, the BoC announces its latest interest rate decision, in which it's set to keep borrowing costs at 1.75%.

That said, as recently as December, Canada's central bank hinted that it will lift interest rates as high as 2.5%-3.5%, to put a lid on inflation in Canada.

As a result, the Canadian dollar has strengthened, because even though the BoC may keep interest rates steady today, it looks set to hike again in the near future!

CA Dollar Strengthens, as Canada's Jobless Rate Stays Steady

What's more, the loonie dollar has also reached this 3-week high versus the pound, because Canada's unemployment rate surprisingly held steady in December, said official data last Friday.

According to Statistics Canada, Canadian joblessness stuck at 5.6% last month, exceeding expectations for a rise to 5.7%.

This has Canada's joint-lowest unemployment rate since comparable records began 43 years ago, in January 1976.

In particular, Canadian joblessness was steady in December, as Canada created an above-forecast +9,300 new jobs, thus lifting the loonie dollar!

Canadian Dollar Climbs, as Canada's Business Activity Accelerates

Moreover, the CA dollar to sterling interbank exchange rate has also risen, because Canada's business activity unexpectedly accelerated in December, said trusted statistics this week.

According to Ivey's monthly survey of Canada's private sector output this Monday, activity rose to 59.7 last month, easily above November's figure of 57.2, as well as forecasts for a fall to 56.8.

In particular, Canada's business activity rose in December, as supplier deliveries rebounded, said Ivey.

This points to accelerating economic growth in Canada in late 2018, and so has boosted the loonie dollar!

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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 [email protected]

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