Exchange Rate

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Old Jan 3rd 2018, 11:56 am
  #46  
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Default Re: Exchange Rate

Originally Posted by Twitcher1958 View Post
I’ve done it this way too, but never the other way round - CAD cheque into British bank. It wasn’t easy/possible a few years ago, but don’t know now.
Like some of the others, we find the easiest and best route to be Transferwise.
Yes I think paying GBP into CAD they will usually take our arm off it's the other other way round which is the sticky spot. I've checked my GBP santander and it about a £100 to process. But I'm not sure how high the amount I can put onto the CAD cheque. I'll ask BMO..
Cheers for replies Folks

B.
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Old Jan 5th 2018, 2:50 pm
  #47  
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Default Re: Exchange Rate

CAD got a boost today with better employment figures.
£1 = $1.68

https://www.poundsterlinglive.com/ca...ed-for-release
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Old Jan 12th 2018, 5:17 am
  #48  
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Default Re: Exchange Rate

Bank of Canada is predicted to raise interest rates again on Wednesday 17 Jan 2018 next week. Next round of NAFTA negotiations start the following week Tuesday 23 January 2018 and last for 5 days. Both events will influence the exchange rate.
https://www.poundsterlinglive.com/ca...-risks-pile-up
£1=$1.69

Key dates on interest rates, inflation, job employment and trade for Canada can be found here.https://tradingeconomics.com/canada/news

Last edited by glendem4; Jan 12th 2018 at 6:08 am.
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Old Jan 12th 2018, 1:02 pm
  #49  
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Default Re: Exchange Rate

https://www.poundsterlinglive.com/gb...xit-transition

BrExit extension may go beyond Dec 2020 according to EU
£1=$1.71
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Old Jan 17th 2018, 2:15 pm
  #50  
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Default Re: Exchange Rate

Bank of Canada increase interest rates by 0.25% to 1.25%

Let's hope it continues raise rates in 2018 and kills the property bubble in Ontario

£1=$1.72
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Old Jan 23rd 2018, 3:39 pm
  #51  
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Default Re: Exchange Rate

NAFTA Round 5 starts today. If Trump pulls out of NAFTA, expect the CAN $ to weaken.
For sterling holders a weekly close above $1.75 will give a long term target back to $1.90 in 2018. Let's hope Brexit goes well this year and Trump throws his toys out the pram temporary for us to change our British Pounds at a better exchange rate.

£1 = $1.74 today.

Last edited by glendem4; Jan 23rd 2018 at 3:41 pm.
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Old Jan 24th 2018, 1:14 pm
  #52  
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Default Re: Exchange Rate

£1= $1.75

Outcome of NAFTA negotiations on Saturday will be interesting to see the impact on CAN $
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Old Jan 25th 2018, 1:00 pm
  #53  
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Default Re: Exchange Rate

Hovering around £1=$1.76 https://finance.yahoo.com/quote/gbpcad=x?ltr=1 at the moment.

If NAFTA agreement is reached, the £ will snap back against $ CAN.

Upside resistance is at 2017 high around $1.778 which is only 1% away.

Break out above $1.78 will be exciting for £ Bulls who are looking for a better exchange rate.

13 days in a row for the £ rising, I am looking for the $ CAN to find some support and strengthen in the short term

Last edited by glendem4; Jan 25th 2018 at 1:08 pm.
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Old Jan 29th 2018, 8:52 am
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Default Re: Exchange Rate

I know no one has a crystal ball, but as I'm moving back to Canada in the next 4 months, are we expecting a stronger pound now or by June? It hit 1.76 last week and I'm wondering if the longer term trend is for it to get stronger or weaker. Depends on NAFTA and Brexit I suppose...
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Old Jan 29th 2018, 10:11 am
  #55  
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Default Re: Exchange Rate

Originally Posted by europlatus View Post
I know no one has a crystal ball, but as I'm moving back to Canada in the next 4 months, are we expecting a stronger pound now or by June? It hit 1.76 last week and I'm wondering if the longer term trend is for it to get stronger or weaker. Depends on NAFTA and Brexit I suppose...
If you could predict currency x rates, you would be a very rich man/woman.

There are so many factors that impact an exchange rate.

1. The current interest rate policy.
2. The rate of inflation.
3. Employment levels.
4. The National Debt and ongoing Deficit.
5. External factors such as NAFTA and BrExit
6. The economic cycle
7. The market perception
etc etc etc

Personally, I am hoping BrExit becomes more clear over the next 14 months and the market can work out the impact on the UK economy.

In the short term, I am watching for a close above $1.78 or below $1.68 to indicate the medium turn direction. The x rate could bounce around these 2 levels all year like it did in 2014 $1.75-$1.85

Long term (4 years), I am hoping the £ breaks above $1.80 in 2019 and heads back to near $2 BY THE TIME OF THE NEXT UK GENERAL ELECTION IN 2022
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Old Jan 29th 2018, 12:15 pm
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Default Re: Exchange Rate

Originally Posted by glendem4 View Post
If you could predict currency x rates, you would be a very rich man/woman.

There are so many factors that impact an exchange rate.

1. The current interest rate policy.
2. The rate of inflation.
3. Employment levels.
4. The National Debt and ongoing Deficit.
5. External factors such as NAFTA and BrExit
6. The economic cycle
7. The market perception
etc etc etc

Personally, I am hoping BrExit becomes more clear over the next 14 months and the market can work out the impact on the UK economy.

In the short term, I am watching for a close above $1.78 or below $1.68 to indicate the medium turn direction. The x rate could bounce around these 2 levels all year like it did in 2014 $1.75-$1.85

Long term (4 years), I am hoping the £ breaks above $1.80 in 2019 and heads back to near $2 BY THE TIME OF THE NEXT UK GENERAL ELECTION IN 2022
Thanks for your thoughts. I know, it's notoriously difficult to predict. A good exchange rate could be the difference between a 3-bed or a 4-bed house for us, so choosing the right time to exchange is an excruciating decision to make. I suppose I'd just be happy knowing that I was getting about average for what's it's been doing for the last 5 years or so. I'm thinking if it hits 1.80, then that will be a good enough time as any to exchange.
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Old Feb 1st 2018, 10:06 am
  #57  
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Default Re: Exchange Rate

£1= $1.75

Just made first transaction with https://www.ofx.com/en-gb/ to compare the service with Transferwise.

Similar service, but OFX does not give you the ability to cancel a transaction within 24 hours (which I like at Transferwise).

You can only make payments up to £5000 with a Debit card using OFX, otherwise it is a BACs transfer.

Transferwise allows you to use Debit and Credit cards.

Let's see how quickly the funds appear in our Canadian account.
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Old Feb 1st 2018, 10:40 am
  #58  
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Default Re: Exchange Rate

Why worry about something you yourself personally have no control over?
Should I exchange now, wait 6 months, 1 year etc etc.
Do you need the money right away or can it be held onto?
If its right away then you have no choice but to accept the rate on the day its exchanged.
You will drive yourself bonkers over something you have no control over.
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Old Feb 1st 2018, 11:25 am
  #59  
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Default Re: Exchange Rate

It's working for me. My January pay was $200 more than it was in December.

Incidentally, I am going to Scotia on Tuesday to buy RRSP. I will be using money I have in my Barclays account in the UK. Usually I get Barclays to do a transfer. It's a hassle and cost me well over $100 in fees last year.

My banking officer at Scotia has told me I can write a Barclays cheque to myself and he will clear the funds immediately for a nominal fee and using the bank's bulk exchange rate.

I didn't know you could do that.
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Old Feb 1st 2018, 11:30 am
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Default Re: Exchange Rate

Originally Posted by glendem4 View Post
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
Does the value of currency even matter? If the £ is weak then prices just rise in the UK so that it consistent with other countries. Products aren't priced the same in every country. It's all relative. No need to worry about exchange rates unless if that's how you make a living.
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