The Pound Dips Against The Canadian Dollar
Posted by Allison on 1 June 2009, 12:48
We all know how badly the British pound has done against other currencies of late. But we also know that it isn’t the only currency to be doing so badly. The Canadian dollar has had some rocky times too. So what would happen when the two of them went head to head during February and into March? Who would come out of the tussle with the upper hand?
Well back on the 1st February the pound was worth some 1.7703 Canadian dollars. After dropping back to 1.7545 the very next day, the pound then soared through the rest of the week before stopping on a mammoth 1.8379 to close for the weekend.
The following week wasn’t so good though, as the British pound saw the might of the Canadian dollar up close and personal. The low point came on the 12th as it hit 1.7712, although it pulled something back for Friday 13th as it recorded a final figure for the week of 1.7907.
As it would turn out, the British pound would end up bagging figures in the 1.70s and the 1.80s for the rest of the month and well into March as well. The following week finished higher still at 1.8060, so the Canadians must have been feeling pretty dejected. After all it is well known at the moment that the British pound is having a very tough time of it. If the currency in another country is having a rough time against the pound, then you know you are in some trouble!
The final Friday in February turned out to be another low point for the pound though, as this time it was the Canadian dollar that managed to get the upper hand. On that Friday the pound could manage to grab just 1.7898 Canadian dollars in the exchange rate.
As February gave way to March things were looking better for the pound though. A figure of 1.8167 on the 2nd looked promising, before things got even better to close out the week on 1.8267. But no sooner had the following week got underway than the pound slipped behind again. This time it went under the 1.80 mark (if only marginally) and ended up on 1.7999.
The exchange rate stooped down to 1.7683 on the 12th. But as the second Friday 13th of the year came to a close on the currency markets, it was clear that it was the Canadian dollar that was now struggling. The pound managed to bump up the exchange rate to 1.7801 as the week came to a close, and that is where we leave it for now.
The RTT News website confirmed that the pound was indeed enjoying a good Friday 13th in March, much as it did in February. This news story reveals how the pound managed to enjoy higher exchange rates against many of the other main currencies – read it here. Keep an eye on that currency converter in the near future as it will be interesting to see which way it goes next.
There is no doubt that the British pound has struggled to maintain any kind of dignity or strength of late. So when we get the odd result such as this, we tend to cling onto it in the hope that it will be the first of many.
And one day, we may well be right.