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

Pound to Canadian Dollar Rate Hits 1-Week High, as Oil Price Falls

Market CommentaryPound to Canadian Dollar Rate Hits 1-Week High, as Oil Price Falls
Pound to Canadian Dollar Rate Hits 1-Week High, as Oil Price Falls
Pound vs Canadian dollar rate. Image credit: Clker Free Vector Images.

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

Sterling jumps versus the loonie! The pound to Canadian dollar interbank exchange rate has hit 1.7271 in the past day. This is its highest in over 1 week, or since January 30th.

By contrast, back on February 5th, the pound vs Canadian dollar rate was as low as 1.6988. So it's since risen by +1.66%, or over +2.75 cents.

To put this into context, at today's interbank exchange rate, £250,000 would be worth CA$431,775. This is CA$7,075 more than on January 5th!

So if you're a Brit thinking of emigrating to Toronto, Alberta or Montreal, this may help to transfer money to Canada.

Pound vs Canadian Dollar Rate Rises, as Oil Price Falls

The pound to Canadian dollar interbank exchange rate has touched this 1-week high, because the price of oil, Canada's biggest export, has fallen. In particular, US crude oil futures have fallen by -2.5% this week, to just $52.64 a barrel.

As a result, Canada's oil refineries will make less money from selling their black gold overseas. This may weaken Canada's economy.

Already in recent months, Canadian oil companies in Alberta have had to cut production, as oil prices fall.

Oil has got cheaper, as it's feared that a global economic slowdown may cut demand. This is weighing on the CAD!

GBP to CAD Exchange Rate Climbs, as BoC Warns on Investment

What's more, sterling has also strengthened versus the Canadian dollar, because the Bank of Canada (BoC) has warned of slowing business investment in Canada's economy.

This Wednesday, at a speech in Washington DC, BoC deputy governor Timothy Lane said that America's trade uncertainties are weighing on Canadian businesses' willingness to spend.

In particular, CA business investment is currently "below" what you'd expect, given Canada's economic fundamentals, said Mr. Lane.

This is resulting in "temporarily slower" growth, so lifting the pound vs Canadian dollar!

Sterling Jumps Versus Loonie, on Fears of Canada Slowdown

Moreover, the pound to Canadian dollar interbank exchange rate has also risen, because there are growing concerns over Canada's economic growth.

For instance, this week the Ivey PMI, indicating business activity in the USA's northern neighbour, fell to 54.7 in January. This is below the 56.0 forecast, and closer to the 50.0 figure that signals stagnation.

In addition, it's thought that Canada's consumer spending fell to its weakest since 2009 last year, say new statistics.

Also, Canada's housing market is slowing, making Canadians feel less wealthy. So this is dragging down the CAD too!

Get A Free Pound to Canadian Dollar Exchange Rate Quote

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

You’ll get a highly competitive 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 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