Hurricane Irma causes the Canadian Dollar to weaken against the Pound (Tom Holian)

The Pound has made some significant gains vs the Canadian Dollar towards the end of this week.

Earlier in the week the Pound fell against the Canadian Dollar after the Canadian central bank announced a surprise interest rate hike which saw the GBPCAD exchange rate hit its lowest level since January.

The Canadian Dollar has weakened during the end of the week as the markets hold their breath to see how Hurricane Irma may affect the US.

Owing to its geographical proximity to the US anything that happens south of the border tends to have a big impact on the value of the Canadian Dollar and this is the reason for the weakness this afternoon.

Indeed, all the commodity based currencies including the Australian Dollar, New Zealand Dollar and South African Rand have all dramatically weakened against Sterling this afternoon.

I think if the Hurricane does make land and cause massive disruption I think we will continue to see a weakening of the Canadian Dollar vs the Pound.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.

A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on teh@currencies.co.uk and I will endeavour to get back to you as soon as I can.