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 forecasts and market updates, the Canadian Dollar (CAD) is expected to continue to be influenced by oil prices, albeit with a weaker correlation than before. Despite the potential positive impact of looser monetary policy on global growth and oil demand, the CAD could face challenges from potential interest rate cuts by the Bank of Canada and its strong correlation with the US Dollar. CIBC Capital Markets has revised their year-end forecast for USD/CAD to 1.31 for 2024, indicating strength in the US Dollar against the Canadian Dollar, but they anticipate a potentially weaker USD in 2025 which could benefit the CAD. The GBP, on the other hand, has been affected by softening wage growth and employment data, leading to expectations of interest rate cuts by the Bank of England. Political and monetary policy factors are likely to drive Pound volatility in 2024, with a looming general election adding to market uncertainty.
In recent months, the CAD has faced pressure from shifting central bank policies and lower commodity prices, impacting its exchange rate with the GBP. The CAD/GBP pair, currently at 0.5793, has been relatively stable within a 3.5% range over the past few months. On the other hand, oil prices have been volatile but generally on the rise, with Brent Crude OIL/USD at 85.11, 5.8% above its 3-month average. This trend in oil prices could continue to influence the Canadian Dollar's performance due to Canada's significant reliance on oil exports. In comparison, the GBP has demonstrated resilience following a split Monetary Policy Committee vote and strong economic indicators, driving the GBP/USD exchange rate higher.
Looking ahead, FX analysts expect continued fluctuations in both the CAD and GBP exchange rates, with economic data releases, central bank policies, and geopolitical events likely to shape their movements in the near term. Traders and businesses involved in CAD to GBP transactions should stay informed about developments in oil prices, central bank policies, and upcoming economic data releases to make informed decisions and potentially reduce currency exchange costs.
@bestfxrates : #CADGBP struggles amid shifts in monetary policy & oil price waves. Despite a stable range, the pair may face volatility with #BoC's interest rate dance & UK political drama ahead. Eyes on oil trends & central bank cues for 2024, as markets brace for economic turbulence. Stay alert!
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GBP
+0.1%
📈1W
CAD to GBP is at 7-day highs near 0.5806, just 1.0% below its 3-month average of 0.5861, having traded in a very stable 3.5% range from 0.5749 to 0.5953
Compare & Save - Canadian dollar to Pound Sterling
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Canadian dollar (CAD) to Pound Sterling (GBP) rates from different sources before making a conversion.
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Date
CAD/GBP
Change
Period
04 Mar 2024
0.5805
no change
2 Week
19 Dec 2023
0.5889
1.4% ▼
3 Month
19 Mar 2023
0.5983
3% ▼
1 Year
20 Mar 2019
0.5698
1.9% ▲
5 Year
21 Mar 2014
0.5402
7.5% ▲
10 Year
23 Mar 2004
0.4064
42.8% ▲
20 Year
CAD/GBP historic rates & change to 18-Mar-2024
Will the Canadian dollar rise against the Pound Sterling?
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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