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 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 to Canadian Dollar Rate Hits 10-Month High, as BoC Pauses

Market CommentaryPound to Canadian Dollar Rate Hits 10-Month High, as BoC Pauses
Pound to Canadian Dollar Rate Hits 10-Month High, as BoC Pauses
Pound to Canadian Dollar Exchange Rate. Image credit: Etereuti.

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

Sterling climbs versus the loonie! The pound to Canadian dollar interbank exchange rate has hit 1.7723 today, its highest in over 10 months, or since April 27th 2018.

By contrast, back on August 15th last year, sterling was as low as 1.6606 versus the CA dollar, so it's since risen by +6.72%, or over +11 cents.

To put this into context for you, at today's interbank exchange rate, £250,000 would be worth CA$443,075, or +CA$27,925 more than on August 15th!

So this could be of interest if you need to transfer money to Canada, such as if you're a Brit thinking of emigrating to Montreal or Ottawa this year.

Pound to Canadian Dollar Rate Rises, as BoC Pauses

The pound to Canadian dollar interbank exchange rate has reached this 10-month high, first because the Bank of Canada (BoC) held interest rates on pause yesterday, at 1.75%.

In particular, Canada's central bank said that there'd been a "sharper and more broadly based" slowdown in Canada's economy than forecast at the end of last year.

As a result, "it will take time to gauge the persistence of below-potential growth," added the BoC, justifying the bank's decision to keep interest rates steady.

This bodes ill for Canada's economy in 2019, thus weighing down the CA dollar!

GBP to CAD Rate Climbs, as Canada's Economic Activity Slows

What's more, sterling has touched this 10-month high versus the loonie dollar, partly because Canada's economic activity slowed notably in February, says a trusted new survey.

According to Ivey's monthly poll of Canada's economic output, activity fell to just 50.6 last month, close to the 50.0 figure that signals growth, as well as forecasts for 57.9.

This figure is a 5-month low, the weakest since September last year, suggesting that Canada's economic slowdown has continued into the early months of 2019.

This may make investing in Canada less attractive, and so has hurt the CAD!

Sterling Flies Versus Loonie, as Canada's Trade Deficit Expands

Furthermore, the pound to Canadian dollar interbank exchange rate has climbed, for reasons including that Canada's trade deficit expanded well beyond forecasts in December.

To be specific, Canada's international merchandising trade fell to -CA$4.59 billion at the end of last year, said Statistics Canada on Wednesday, far beneath predictions for -CA$2.8 billion.

This is Canada's 5th consecutive monthly decline in its trade balance, driven by a -3.8% drop in exports, and was close to Canada's biggest trade deficit since the late 1990s.

This too may slow Canada's GDP growth, which could adversely affect the loonie dollar!

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

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

Exceptional Service

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

Same Day Transfers

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

Highly Competitive Exchange Rates

Get bigger savings, with highly competitive exchange rates 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.