Looks like the rate will go into the late $1.50s in the very near future - will we ever see $2+ again?

why is it doing that?? tanking? most of my income comes from the UK

I get daily updates from Wise and yesterday it was down to C$1.608, i just hope it starts to recover soon.

Can see people selling up in Canada so they buy a bigger house in the UK!

Probably. We just don’t know when. CAD/GBP ratio is positively correlated to the price of oil and other commodities. They are cyclical. High right now.

I think it would be around 1.6 in a short to medium term

After the BOE increased interest rates it's gone to $1.58 which I don't get as usually higher interest rates improve a currency's value, also the FTSE rallied which is also counter intuitive.

The rate rise was anticipated and therefore already priced in the value of currency and the market. This morning's reaction will have been in response to anticipated next moves and yesterday's rally on Wall Street. FTSE 100 will tank first thing tomorrow; big sell-off on Wall Street this afternoon.

Commodities boost Canada which means sterling exchange rate will fall. Looking for rate to dip down to $1.55 with a spike in oil prices. 🇬🇧 heading for recession in next 12 months. To mitigate, invest in global non UK etfs or mutual funds with any money held in UK.

Will we ever see £1 = CAD$1.5 again? Just looking at currency forecast and the consensus seems to be that the rate will be around $1.3 at the turn of the year and going down from there for the next 2 or 3 years :-(
Better start start fixing up the house ready to sell up and move back, we'd get a decent house at that rate and annual increases in our UK state pensions - win win!

In truth no one knows, I'm not convinced a lot of the forecasts use much more than maths to work out the forecasts in a chart. Rather than an expert opinion - which at the end of the day is just opinion, but can at least factor in things they know or believe to be happening shortly. As someone with a large amount of cash wrapped up in the UK and rental income from there I have paid a lot of attention to forecasts etc over the last 8/9 months - and would say a lot of them were wrong.

At the moment the US doesn't seem to have hit the recession the UK has, oil and gas restrictions from Russia has both hit the UK, but also bolstered the US/Canadian economies somewhat. If the Russia conflict came to an end which worked well for Europe and the UK I would expect to see a strong rebound - but no one knows how that will play out.

EDIT: it was only about a week ago I was looking at a forecast showing a decline to the low $1.40s/high $1.30s over the next 6-8 months but then a gradual rise back to $1.6 or more by the end of 2023 - very different to your forecast.

1.45 today. Looks like a bumpy ride ahead. The UK is in free fall after the Chancellor’s bright ideas.

This government is terrible for the economy but but even if they wanted to improve the national finances they're up against it. Reversing Brexit is going to take a decade and, until that happens, there's no big market to sell into. Selling up here, moving to the UK and living on dollar income does seem to be the way to go.

Bring back Boris. One hardly knows what to say about that p*sh Truss and Kwarteng cooked up. If Starmer can't score plenty of goals now, he never will.