The Pound Tries To Take On The Canadian Dollar – But With What Result?
Posted by Allison on 15 February 2010, 10:55
As 2009 came to an end we were seeing the pound claiming 1.7034 against the Canadian dollar. This was quite reasonable but we were hoping the New Year would inspire the pound to greater heights and see it claiming more of the Canadian dollar than it had in the past.
So let’s see how it panned out.
It got off to the worst possible start on the 4th January. If you were consulting your currency converter that day you would have seen the pound was worth a much lower 1.6774. This fell further to 1.6603 before dropping further and finishing on 1.6544 on the Friday night.
The following week got off to a better start anyway as the pound climbed back to 1.6606 by the time Monday was over. But the biggest jump up was reserved for the middle of the week. That was when the pound managed to attain a rate of 1.6839. This was suddenly looking more promising as the pound was aiming to take on the Canadian dollar and win – at least by the end of the month. But would it manage to succeed?
There was a drop back to 1.6779 the next day, and when the week finished on 1.6743 it made us question whether the slippery slope back down to lower exchange rates had begun. What would the next week hold in store as the Canadian dollar and the British pound locked horns in the hope of gaining supremacy over each other?
Monday got us off to a good start with a better rate of 1.6760 by the end of the day. But that was only the beginning of what would turn out to be a memorable week.
The next day saw an improvement to 1.6839 and we smashed through yet another barrier the day after, as the pound suddenly found it could claim 1.6993 Canadian dollars. Could we manage to break through the 1.70 barrier and really make this a month to remember?
The week actually finished on 1.6993 so we would have to wait until the week beginning the 25th January to see whether we could actually achieve this feat. And we didn’t have to wait long. On the very first day of the week we came home with an exchange rate of 1.7093. And once we did that, it seemed as if there was no stopping us. The Canadian dollar almost seemed beaten into submission as it gave up a rate of 1.7136 the very next day.
It did manage a weak fight back at one point in the remainder of that week. But as Friday drew to a close and we said goodbye to what had been an entertaining first month of the New Year, the pound was triumphant on 1.7222. This meant it had added on a total of 0.0188 over the whole of January. If this was a sign of what else was to come during 2010, it was a good sign indeed.