In 2021 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.
CAD to GBP at 0.5764has fallen 1.1% below its 90-day average, range 0.5716-0.5923.
Canadian dollar to British pound forecasts
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.
It has been a volatile year for CAD/GBP which has oscillated between in a 8 percent band between 0.56 and 0.60, making it important for British or Canadian expat workers, who represent one of the largest groups remitting money from both countries to keep an eye on the exchange rate.
The pound’s direction will be determined by any positive or negative headlines around the potential full reopening of the economy in England.
In 2021 the Canadian dollar has risen as a global economic recovery takes hold, with larger gains if the Bank of Canada is seen to be preparing to reduce monetary stimulus, economists say. CAD Forecasts
GBP/USD – closed the week at 1.4160 (1.4210 last week). The Fed’s hawkish shift hit the Pound hard, pushing it 1.6% lower in 2 days. GBP Forecasts
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.
Whether the Canadian dollar will rise or drop in the future versus the pound is a difficult question and the answer really depends on many factors. The best way to consider the current CAD-GBP relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
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