Posted by Allison on 14 April 2010, 13:47
Another major currency is up for a close inspection this month against the pound, as we go to see what the British pound could achieve against the Canadian dollar. We were starting from a rate of 1.6079, so anything better than this would be worth celebrating as March got underway.
What happened in truth though as the figures changed constantly on the currency converter? Would we manage to make the month ours – or did the Canadian dollar have other ideas?
First blood definitely went to Canada as the month got underway, because the rate dropped like a stone to 1.5733 by the end of the first day of trading. This was worrying to say the least – particularly as the rate went down even further to 1.5478 the following day. To say this gave us a mountain to climb just to regain the original exchange rate we started with is a gross understatement.
We did at least manage to stop the rot and pull ourselves back marginally to finish off the month on 1.5524, but it wasn’t enough to keep the worries at bay. A small increase on day one of the following week was good, but it didn’t stop the pound from dipping down to 1.5403 the following day. And when the next day saw a rate of 1.5326 to close out the day’s trading, it was clear that the Canadian dollar had the upper hand here. It seemed intent on keeping it as well.
So what was in store next? Could the pound ever hope to improve its situation and garner a better rate at all?
It did finish that week on 1.5427, but it wasn’t enough to give us any lasting confidence in the currency at this stage. Indeed, even though it climbed up to a more respectable 1.5512 on the 17th, this was swiftly replaced by a closing rate for the week of 1.5277. It seemed as if even the smallest increases were destined to be wiped out fairly soon afterwards, so we had no confidence that we could achieve anything of note as yet.
The lowest point of the next week came on the Thursday evening. The pound simply could not find any strength at all to combat the Canadian dollar with, and this resulted in a low point for the week of 1.5194. Fortunately we did manage to pull things back somewhat and finish on 1.5238 on Friday night.
This was clearly not going to be our month. But the final rate of March turned out to be a little better on 1.5382. This at least gave us hope that perhaps April would turn out to be a better affair. We had lost a lot of ground during March though, and that starting rate of 1.6079 seemed a very long way away now. It is incredible to think we had lost so much during a single month, but the story is there to speak for itself. Better luck next time perhaps?