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 No Commission 0 Personal Transfers Business Transfers FCA Authorized Personal Service Trusted Brokers Get A Quote Register With Us Make A Transfer Seller Transfers Contract Definitions Read Our Top Tips What Influences Exchange Rates Glossary Frequently Asked Questions Contact Us

Pound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back

Market CommentaryPound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back
Pound Nears 2-Week High Versus Loonie Dollar, as UK GDP Bounces Back
Image credit: Iraine.

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

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

Sterling jumps versus the loonie! The pound to Canadian dollar interbank exchange rate has hit 1.7440 today, close to its highest in 2 weeks, or since June 28th.

The pound has risen against the Canadian dollar, because the UK economy has bounced back following a slower start to the year, said official statistics yesterday.

Sterling has strengthened, as UK GDP expanded by +0.3% in May, said the Office for National Statistics on Tuesday, above January-to-March's figure of just +0.2%.

In particular, UK economic growth has accelerated in the Spring, as retail sales jumped by +0.9%, said the ONS, compared to a -0.1% decline earlier on, thus boosting the pound.

This has lifted sterling, first because this data tells us that UK GDP has rebounded, following the "Beast from The East" cold front in early 2018, which kept people indoors.

This has also helped the pound, because it's now likelier that the Bank of England will lift UK interest rates by +0.25, up to 0.75%, when it next meets in August!

Pound Strengthens, as May Forecast to Win A Leadership Contest

What's more, the pound has also strengthened versus the loonie, because it's thought that UK prime minister Theresa May would win any leadership contest against her.

Sterling has risen, because financial markets reckon that Mrs. May has the support to win any leadership contest by her ex-foreign secretary Boris Johnson, or other Tory MPs.

In particular, it's thought that Mrs. May would emerge triumphant from a leadership challenge, because she has the support of more than half of her 316 MPs, so boosting the pound.

A leadership challenge against Mrs. May may emerge, because she favours a "soft" Brexit, thus lifting sterling, though this week prompting foreign secretary Boris Johnson to resign.

This has raised up the pound, because Mrs. May's strong position contributes to UK political stability, and lifts the odds that she'll agree a favourable Brexit deal between the UK and EU.

As a result, the pound to Canadian dollar interbank exchange rate has neared this 2-week high, and could continue to climb!

Get A Free Pound to Canadian Dollar Exchange Rate Quote

Get a free pound to Canadian dollar 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 pound to Canadian dollar 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 Free Quote
I’d like to exchange...
Because I want to...
And I would like it...
Pure FX awarded Feefo Gold Trusted Merchant 2016PureFX's Product Rating on Feefo

What Our Clients Say

Read all the reviews at Feefo.com

Why Us

FCA Authorised

Directly authorised by the UK's Financial Conduct Authority, so your money is highly secure.

No Hidden Fees & 0% Commission

So you get our biggest possible saving when you exchange currencies.

Same Day Transfers

Receive your money in your destination bank account the same day you send it, for most mainstream currencies.

Outstanding Exchange Rates

Get bigger savings, with Pure FX's best exchange rate guaranteed!

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

  • Quote

    Use our form to get a free exchange rate quote, and find out how much you could save with Pure FX.
  • Register

    We'll be in touch to give you your exchange rate quote, ask you any further questions and tell you how the transfer process works.
  • Transfer

    From buying a property abroad, to making business transfers, or online selling - we have you covered.