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 6-Week High Versus Loonie, as CA Manufacturing Falls

Market CommentaryPound Nears 6-Week High Versus Loonie, as CA Manufacturing Falls
Pound Nears 6-Week High Versus Loonie, as CA Manufacturing Falls
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 an excellent time to exchange pounds to Canadian dollars, for your money transfer!

Sterling flies versus the loonie! The pound to Canadian dollar interbank exchange rate has hit 1.7530 today, close to its highest in 6 weeks, or since May 8th.

As a result, if you intend to transfer money from the UK to Canada, perhaps to emigrate or buy a property, this is a fantastic time to do so. This is because, when you exchange currencies, you'll receive a much higher Canadian dollar total.

Canadian Dollar Sinks, as CA Manufacturing Shipments Fall

The pound has lift-off versus the CA dollar, because Canada's manufacturing shipments unexpectedly fell in April, said official statistics last Friday.

To be specific, factory shipments in Canada dropped by -1.3% in April, according to Statistics Canada, well below financial market forecasts for a +0.6% rise.

This has weakened the loonie dollar, because this tells us that Canada shipped fewer manufacturing goods than hoped for. In turn, this may slow Canada's economic growth in Q2 2018.

Loonie Dollar Weakens, as Canada’s Oil Refineries Shut Down

In particular, Canada's manufacturing shipments fell in April, because there were maintenance shutdowns at several Canadian oil refineries. As a result, Canada shipped lower volumes of the black gold.

To be specific, there was a -10.9% fall in the petroleum and coal products industry in April, said Statistics Canada. This dragged down Canada's manufacturing shipments, and the CA dollar too!

CA Dollar Loses Out, as US Trade Disputes Hot Up

What's more, the pound to Canadian dollar interbank exchange rate has also neared this 6-week high, because America's trade disputes are hotting up.

For instance, last Friday the USA imposed $50 billion of tariffs on China, and Beijing immediately declared that it will retaliate.

This has weakened the Canadian dollar, because America is Canada's closest trade partner. Given this, when the USA's economy weakens, Canada's economy often loses out too, thereby weighing against the CA dollar.

Loonie Slides, as USA Imposes Steel Tariffs on Canada

Furthermore, the loonie dollar has also lost out, because the USA's decision to impose tariffs on China follows months of global trade tensions.

For example, earlier this year America announced that it would impose 25% tariffs on Canada steel exports, effective on July 1st.

In response, Canada has said that it will impose tariffs on American imports of maple syrup and beer into Canada. These trade disputes may slow Canada's GDP growth this year, thus weakening the Canadian dollar too!

Given all this, the pound to Canadian dollar interbank exchange rate has neared this 6-week high today, and could climb further. Make the most of this excellent exchange rate to buy your Canadian dollars, while the exchange rate is still flying high!

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...
GBP
EUR
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.