Forecasts and predictions for the CAD/GBP exchange rate have been driven almost entirely by the Coronavirus pandemic rather than any fundamentals or relative sentiment towards the Canadian and British economies.
BER Support | Date | CAD/GBP | Change | Period |
|---|---|---|---|
18 Nov 2022 | 0.6269 | 3.8% ▼ | 2 Week |
03 Sep 2022 | 0.6616 | 8.8% ▼ | 3 Month |
02 Dec 2021 | 0.5866 | 2.8% ▲ | 1 Year |
03 Dec 2017 | 0.5828 | 3.5% ▲ | 5 Year |
04 Dec 2012 | 0.6252 | 3.5% ▼ | 10 Year |
07 Dec 2002 | 0.4073 | 48.1% ▲ | 20 Year |
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The CAD has enjoyed its highest levels against the USD since March 2020. No other currency pair experienced such a dramatic swing in 2021. Along with global equities, the CAD continues to increase with increased risk appetite.
The pound’s direction will be determined by any positive or negative headlines around the potential full reopening of the economy in England.
Since the start of the Russia/Ukrainian war the risk on-off markets had been pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar.
However from mid-September the loonie has weakened down from this range to around 0.73 relative to the greenback.
The pound hit an all-time low (since decimalization in 1971) in late September of 1.03 against the greenback (1 USD = 0.97 GBP) — reacting to the controversial tax-cutting policies from the new chancellor.
The outlook for sterling against most currencies over the winter remains extremely challenging in its precarious post-Brexit/Ukraine war economic environment.
Note that forecasts and predictions for the CAD/GBP exchange rate change all the time, affected by news events and relative sentiment towards the Canadian and British economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coronavirus pandemic.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.