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!
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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@example.com.