Exchange Rate
 

Glad to see the £ is getting a bid today and now above $1.71. Target upside in the short term is $1.73 and hopefully a retest of $1.77 if the BOE announce the possibility of more interest rate rises in 2018.

For people moving to Canada from UK let's hope Brexit issues get resolved soon, otherwise the £ could be weak for another 2-3 years like it was from 2009-2013

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Good luck with all that. I hope it will climb too. But 'conventional wisdom' says that the markets have already 'priced in' a likely UK base rate rise in a couple of days - so perhaps $1.72. If there is no rate rise, get ready for it to slump back down to $1.64ish IMHO.

At the end of the day of course even the experts don't know.

Absolutely agree with you about getting BREXIT resolved soon, or at least starting trade talks. All of this politically inspired nonsense is hurting real people who want to get on with their lives!

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Sterling spikes as chief Brexit negotiator Michel Barnier indicates that he is ready to speed up Brexit talk

Pound spikes as Michel Barnier says he's ready to speed up Brexit talks

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For some it has been weak for way longer than that. We used to expect a low of 2.25, sometimes up to 2.62

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An average exchange rate of £1.00 = $2.00 would be truly wonderful, but is currently beyond my wildest dreams of avarice for the next couple of years!

But hey - who knows!

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I had the option of that exchange rate right upto the BREXIT vote, I moved three weeks later having not taken advantage of that rate. Now I'm earning big bucks in Canada, I want it the other way, bring back 1.50!

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I hate Brexit.

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$1.672 today post-BOE rate rise - significantly below the 1.71 it was at immediately before. Shows you how hard things are to predict.

Glad I tranferred a tranche a day earlier at 1.70.

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Lucky you!!! I missed this boat! this time anyways:fingerscrossed:

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GBPCAD hovering close to $1.70 this morning.

Let's hope the UK government starts Trade talks with the EU in December and the exchange rate can pop up to $1.75

Last 5 years GBPCAD
Highest: 2.0978
Lowest: 1.5237
Difference: 0.5741
Average: 1.7682

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$1.71453 this morning. Several news items could boost the £ if Russia pulls out of the agreement to limit oil production at the next OPEC meeting on Thursday and the EU and UK agree talks can proceed on trade on Monday 4th December. Recent low on 13 November at $1.66 and high of $1.715 on 01 November

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Fingers crossed! Keep going!!!

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$1.74 tonight... can someone let us know when it is at it's peak.. :rofl::eek:

Let's hope it keeps rising:fingerscrossed:

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Unfortunately this didn't happen cuz Russia decided that they want to continue with the cut extension.

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Peaked overnight but managed to get 1.745 yesterday, fell today as canadian figures came out that was much expected to be good. Currently 1.718.

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Don't see it going much above the average unless the Brexit decision is reversed.

Interest rates are also rising in Canada as well as oil getting back towards $60. In my 8 years in Canada I've never seen the economy here as strong.

Britain is no longer a hot bed for money and investment. Dublin and Frankfurt are the big winners of that.

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Quick exchange rate Question. When i deposit a Pound Sterling cheque to my Canadian bank account there is a 25 day with holding period to let the cheque clear, do i get the exchange rate at day of deposit or day the cheque clears?

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What just happened?

I was due to transfer some ££ to $$ this week and had been keeping my eye on the rate. $1.69 was cosistently coming up, only changing by the third decimal place.

I did the transfer yesterday and it arrived today. I see the rate is now $1.73.

It wasn't a big transfer so only a $14 'loss' but what happened that changed it by 4c from yesterday?

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The irish, north and south, have both thrown a small bomb into the brexit negotiations. Today, the southern irish, to whom the EU have given a veto on the progression to trade talks, were reported to have come very close to an agreement about the irish border with the UK and this 'good' news directly caused the uptick in the sterling exchange rate.

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Well, I'm no expert but I think that would affect today/tomorrow rather than yesterday/today.

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The move yesterday can be explained by the Bank of Canada actions.

The Canadian Dollar weakened Wednesday after the Bank of Canada kept its overnight policy rate on hold and left markets guessing as to when another interest rate rise might be forthcoming.

https://www.poundsterlinglive.com/ca...ta-uncertainty

The move today can be explained by
https://www.poundsterlinglive.com/gb...t-breakthrough

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The rise started within minutes of the report of very close to reaching agreement. Was about 1.715 when rise initiated about 6-7 hours ago, currently 1.731.

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A bit of both then. :thumbup:

:thumbup:

Is this you?
http://www.edisonticker.com/images/t.../neggalway.jpg
;)

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This is another reason I downloaded TransferWise.
They emailed me yesterday as the GBP/CDN$ had reached a threshold that I inputted to consider to transfer/exchange.

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The Canadian Dollar has sold off after worse-than-expected growth data in October poured cold water on rising optimism.

The Canadian Dollar has fallen steeply after the release of Canadian GDP showed a lower-than-expected growth rate in October.
Canada's Gross Domestic Product a measure of overall economic growth rose by 0.0% in October according to Statistics Canada.

The result fell below the 0.2% consensus estimate.

The Pound-to-Canadian Dollar shot higher following the result as the Canadian Dollar weakened, moving from a pre-release level of 1.7018 to 1.7105 at the time of writing.

https://www.poundsterlinglive.com/ca...ta-later-today

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That all sounds rather dramatic for a one cent change.

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was looking to change CAD to GBP. Is it worth waiting a few weeks until it levels back to 1.6? :(

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CAD to GBP is 0.59 it may go to 0.60 or so, doubt it'll go to 1.6!

Currency is a waiting game, if there was a way to tell, we would all be very well off. I decide a rate I can accept, wait, make the trade when it happens.

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But exchanging right now is not a correct thing to do.. right ? Its the lowest it’s been for years ?

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There is no right and wrong. It is what is good for each individual. I am still buying from the UK and pay bills as needed. Over the year it averages out.

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Another issue I’m having is getting my funds out from CAD to GBP. You can’t transfer more that 7500 CAD from BMO using exchange tools (XE, transfer wise etc ..). Anyone had any success writing themselves a cheque from their CAD to GBP account ? What other options are there if your not in TO?

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A FX broker. We do our by phone order and bank transfer in CAD to the broker.

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Why not TransferWise?

I just did a dummy test to send CDN$20,000 from my HSBC in Vancouver to any recipient in UK and TransferWise states they would receive GBP11,715.69p by tomorrow night.

BTW....I'm currently doing this dummy transaction in Jakarta, Indonesia.

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No such joy with BMO. I’m not in TO either so can’t wire out :(

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Why do you need to be in Toronto? We are out in the boonies of BC. Regularly send payments our in foreign currency. Right now our credit union FX dept is giving us the best rate (not in the branch).

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i'm in UK. BMO States you in need to be in country to Send wires. How to get your funds from your account to broker? Bill pay? EFT?

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BMO has on-line banking.....https://www1.bmo.com/onlinebanking/c...main?product=5

With HSBC Canada it's a straight on-line transfer of funds to TransferWise who then do an on-line exchange/transfer to any UK account.
The action only takes a few minutes. The actual transfer could take a couple of work-days.

Like I said previously...I do it even I'm on holiday in Indonesia.

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? Yes I know online banking . Can’t do larger that 7500$ with BMO. Even on the phone. I can’t send a wire unless I’m in country. I’m not in canada to open a HSBC account.
Anyone ever tried writing themselves a cheque from their CAD to GBP account ? That can work if cash isn’t urgent right ?

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$2.05 is the 25 year average for £1.

Why anyone moves from the UK to Canada with this exchange rate is beyond me.

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Because people need to purchase goods and services and homes now, not in 1997?

Over the past ten years, GBP/CAD has spent more time below 1.60 than it has above 1.90, and general consensus seems to be that Britain's fortunes are worse before they're better, so unless Canada enters a depression, anything above 1.70 is likely a ways off.

As a general rule, not many people have the luxury of waiting 5-15 years to see if they get an exchange rate they like.