Could the British Pound Gain Against the Canadian Dollar Last Month?
Posted by Allison on 15 September 2011, 09:55
We often take a look at how the pound performs against the US dollar. But what about the Canadian dollar – could it do well against this neighbouring currency?
Let’s take a look and see whether the rate of 1.5495 that was in place at the end of July would be any higher or lower by the end of August. The earliest sign was a good one as the pound jumped up a notch to 1.5590 by the end of day one. But this was just the start of an impressive first week where the pound rose day after day to finish up on 1.5993 by the week’s end. However was this too much to maintain for the rest of the month?
It didn’t seem to be, because the good news continued throughout the following week as well. 1.6141 was the closing rate for the first day of the next week, although the pound did then start to lose some ground and it finished the week on a slightly lower 1.6047 instead. However this was still up on the opening rate for the month, so there would be a long way to fall to get back to this stage again.
The following week would see no falls either, because there was an impressive climb on the cards once again. The Canadian dollar was definitely on the ropes here, because it was forced down to an exchange rate of 1.6315 on the currency converter by the pound by the time we got to the 20th August. How much more good work could the pound put in by the end of the month?
You may be wondering if the pound could keep this up, and in actual fact this was the stage where things started to fall apart. Fast forward just one week and we were looking at a very different exchange rate - 1.6079 by this time. We then dropped to 1.5967 by the end of the month, although this was still a lot better than we had started off with.