Analysis of recent Loonie → Sterling forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Canadian dollar to Pound Sterling performance and trends.
Forecasts for CAD to GBP
Based on recent exchange rate analyst forecasts and currency market updates, the Canadian dollar (CAD) is being influenced by its correlation with the US dollar and oil prices. Despite a drop in oil prices, the CAD has firmed up, with expectations that its performance will continue to be linked to oil price dynamics. FX analysts anticipate that the CAD could face challenges if the Bank of Canada (BoC) implements interest rate cuts, potentially leading to a weaker exchange rate against the US Dollar and other major currencies. CIBC Capital Markets has adjusted their year-end forecast for the USD/CAD exchange rate in 2024 to 1.31, indicating a stronger US Dollar against the Canadian Dollar next year, but they are optimistic about the CAD in 2025.
On the other hand, the British pound (GBP) has experienced downward pressure following comments from Bank of England (BoE) Governor Andrew Bailey hinting at possible future interest rate cuts. This has dampened market sentiment towards the GBP, with expectations of a potential rate cut in June contributing to the pound's decline. FX analysts, including HSBC and RBC, foresee further weakness in the GBP against the US Dollar in the second half of the year, citing risks such as political uncertainty in the UK and the possibility of a stagflationary environment impacting the pound negatively.
The CAD to GBP exchange rate has been trading near its 30-day highs around 0.5852, within a stable range between 0.5749 and 0.5945. Meanwhile, Oil to USD prices have been at 90-day highs near 87.50, up 7.2% from its 3-month average, and have exhibited volatility within a 15.0% range. These oil price movements can impact the Canadian dollar due to Canada's significant oil exports, further influencing the CAD to GBP exchange rate dynamics in the upcoming period.
@bestfxrates : 📉 Oil's dip hasn't dampened CAD strength, trading near 30-day highs at 0.5852 vs GBP. BoC moves may sway CAD, but eyes on oil for cues. GBP faces rate cut headwinds, with analysts predicting weakness ahead. Market view eyes CADGBP stability despite global shifts. #CADGBP #ForexUpdate
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Compare & Save - Canadian dollar to Pound Sterling
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Date
CAD/GBP
Change
Period
14 Mar 2024
0.5796
0.9% ▲
2 Week
29 Dec 2023
0.5919
1.2% ▼
3 Month
29 Mar 2023
0.5987
2.3% ▼
1 Year
30 Mar 2019
0.5743
1.9% ▲
5 Year
31 Mar 2014
0.5428
7.8% ▲
10 Year
02 Apr 2004
0.4148
41% ▲
20 Year
CAD/GBP historic rates & change to 28-Mar-2024
Will the Canadian dollar rise against the Pound Sterling?
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Read our Currency guide to the United Kingdom - a practical currency and money guide to travel, living and doing business in the United Kingdom with the Pound Sterling.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more