Best Canadian Dollar to Pound Exchange Rates June 2018 (CAD/GBP) | finder.com

Best Canadian dollar to pound exchange rates today (CAD/GBP)

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Discover the historical performance of the Canadian dollar against the British pound and find the best exchange rate for your international money transfer.

Today’s mid-market rate

The mid-market dollar-to-pound exchange rate is 1 CAD = 0.6058 GBP. (Rate accurate as of January 27, 2017.)

We’ve gathered today’s best rates to inform your decisions when sending money from Canada to the UK.

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Exchange rate history – Canadian dollar to British pound

Forecasting the CAD to GBP exchange rate based on historical data

The past can be a good indicator of the future. Depending on sociopolitical atmosphere, interest and inflation rates, foreign trade, public debt, and export to import price ratios all influence exchange rates. Below you can find the average exchange rate for the past ten years.

2016201520142013201220112010200920082007
CAD = GBP0.55930.51260.54990.62120.63120.63060.62840.56220.51030.4671

Data courtesy of X-Rates.

Replacing the Canadian pound, the Canadian dollar was introduced in 1858 and is now the seventh most traded currency in the world. The British pound sterling, on the other hand, is the world’s oldest currency still in circulation and the fourth most commonly traded currency on global forex markets.

Throughout history, the Canadian dollar has traded at a lower value than Great Britain’s pound. In the period from February 26, 2002 to November 5, 2015, 1 Canadian dollar traded at an average of £0.53, and ranged from roughly £0.40 to £0.66.

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British pound historically strong against Canadian dollar

Since 2000 the Canadian dollar experienced solid gains against the pound. Canada’s economy, which is heavily dependent on natural resources, experienced solid growth due to the strong performance of commodities and increasing global demand for energy. At the same time the pound weakened against most other major currencies around the world, and the Canadian dollar climbed above the £0.50 point in 2007.

In 2008, however, financial markets around the world were hit by the Global Financial Crisis. As the recession spread from the USA to the UK and Europe, economic growth in the UK experienced a downturn. A quantitative easing program introduced by the UK government also had an impact, as it increased the supply of money and devalued the pound against other major currencies.

While this was happening the Canadian economy was enjoying a period of solid performance. As the UK continued to grapple with concerns around public debt the Canadian dollar continued to rise in value and peaked at £0.6685 in May of 2010. It then fluctuated between £0.60 and £0.65 well into 2013, when the Canadian economy began to slow down.

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British pound unaffected by a weaker Canadian dollar

By the end of 2013 the global demand for commodities began to weaken, and Canada’s economy suffered as a result. Rising unemployment was also a problem that contributed to the Canadian dollar slipping below £0.60 for the first time since early 2010. It held steady in the mid-50-pence range for much of 2014 but, hampered by stagnant economic performance and high unemployment, the Canadian dollar dropped back under £0.50 by the middle of 2015.

The outlook for both the Canadian and UK economies is sitting at moderate. In the UK, concerns surrounding the country’s high current account deficit and its strong links to the Eurozone’s Greek debt crisis issues have led to conservative estimates about the pound’s performance from many analysts.

The Canadian dollar, meanwhile, is expected to continue to be hampered by unemployment and a slow economic recovery. The dollar traded close to its 2002-2015 average throughout 2016–around the £0.50 mark–however, a predicted increase in worldwide demand for energy and other commodities should spell good news for the future.

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2 Responses

  1. Default Gravatar
    DianeMay 8, 2018

    I am travelling to Great Britain this fall. I would like to know whether I should convert by CDN dollars to British pounds before travelling?

    Also, is it better to put expenditures on my credit card or should I use cash?

    • Staff
      JoshuaMay 8, 2018Staff

      Hi Diane,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      Let me answer your question one by one:

      1. Should convert by CDN dollars to British pounds before travelling?

      It depends on your current and future situation. There’s an advantage of having British Pounds on hand the moment you arrive in the UK. It is more convenient and you are more prepared. You won’t have to worry about fluctuating exchanging rates since you already have your money exchanged with the local currency.

      2. Is it better to put expenditures on my credit card or should I use cash?

      In terms of fees, using cash is more cost-effective. Using cash will also help you stay within your budget.

      Moreover, you may want to check our page regarding the different travel money options.

      Here’s a helpful page as well on how to avoid travel money fees and charges traveling overseas.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a nice day and may you have a safe and wonderful trip!

      Cheers,
      Joshua

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