Pure FX Logo arrow Reviews On Feefo Pure FX Logo Exemplary Service In-Depth Knowledge We're Jargon Free Same-Day Transfers Better Exchange Rates Purefx_currency_exchange Personal Transfers Business Transfers Seller Transfers Get A Quote Register With Us Make A Transfer Trusted Brokers FCA Authorized Personal Service Contract Definitions Read Our Top Tips What Influences Exchange Rates Glossary Frequently Asked Questions Contact Us

Canadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges

Market CommentaryCanadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges
Canadian Dollar Nears 14-Week High Versus Pound, as Oil Price Surges
Image credit: Sam Savine.

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 versus sterling! The Canadian dollar to pound interbank exchange rate has hit 0.5748 today, very close to its highest in 14 weeks, or since January 29th.

The Canadian dollar has risen against the pound, because the price of oil, Canada's biggest export, has surged following US President Trump's decision to leave the Iran nuclear treaty.

The CA dollar has climbed, because Brent crude futures, the international standard for oil prices, have hit $77.76 this week, their strongest since November 2014, or 3-and-a-half years.

The oil price has risen, because Mr. Trump has left the Iran nuclear deal and reimposed sanctions. This will restrict oil supplies, as Iran produces 4% of global output, thus lifting the loonie.

What's more, the oil price could rise up to $82.50 a barrel by the summer, forecasts global investment firm Goldman Sachs, due to tensions in the Middle East, so boosting the CA dollar too.

This has strengthened the Canadian dollar, because when oil prices rise, Canada makes more money from selling the black gold abroad. As a result, Canada's economy accelerates!

CA dollar strengthens, as Canada's building permits climb

Moreover, the Canadian dollar to pound interbank exchange rate has also neared this 14-week high, as Canada's building permits jumped in March, said official statistics yesterday.

The CA dollar has flown higher, because Canada's building permits climbed by +3.1% in March, according to Statistics Canada on Wednesday, up to CA$8.4 billion in value.

This has boosted the loonie dollar, because financial markets forecast that Canada's building permits would rise by just +2.0% in March, so Canadian construction has beat expectations.

In particular, Canada's building permits rose in March, as there was a +12.2% rise in apartment building plans in provinces Quebec and British Columbia, thus lifting the Canadian dollar.

This has strengthened the CA dollar, because when Canada's building permits rise, it suggests that Canadian construction firms think that the economy will grow to fill these buildings.

As a result, the Canadian dollar has come close to this 14-week high against sterling, and could continue to climb!

Get a free Canadian dollar to pound exchange rate quote

Get a free Canadian dollar to pound exchange rate quote to get our best exchange rate, and find out how much you could save with Pure FX.

You’ll get an outstanding Canadian dollar to pound exchange rate for your money transfer!

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.

Get a Quote
Feefo service

What Our Clients Say

Read all the reviews at Feefo.com

Why Us

FCA Authorised E-Money institution

Authorised by the UK's Financial Conduct Authority, so you can rest assured that we’re handing your money responsibly.

Exceptional Service

We have received Feefo's Gold Trusted Service Award 3 years in a row.

Same Day Transfers

We can transfer your money to your destination bank account the same day you send it, once we’ve confirmed the payment details with you.

Competitive Exchange Rates

Competitive exchange rates and transparent transfer fees, so you know exactly what you’re paying for.

Dedicated Personal Service

To guide you through the transfer process and keep you up-to-date with the changing exchange rates.

Trusted Foreign Exchange Broker

Since we were established in 2006, we've transferred money for thousands of satisfied clients.

How It Works

  • 1. Register

    for a no obligation account
  • 2. Agree the exchange rate

    with your account manager over the phone
  • 3. Send us payment

    for the transfer of your purchased currency
  • 4. We transfer the currency

    to your nominated account