What is a GBP to CAD forecast?

A GBP to CAD forecast predicts whether the exchange rate will be higher or lower in the future. Exchange rate forecasts can help you decide when to exchange your money. Will the Pound rise against the Canadian Dollar? The Pound is in a good position to rise against the Canadian Dollar in 2023 and 2024 because it devalued so much in 2022.

What happened to the GBP/CAD rate in 2022?

Throughout much of 2022, the Pound devalued against the Canadian Dollar. In September 2022, the GBP/CAD rate reached its lowest point in the past decade. An extreme move! Since the low point in September 2022, the GBP to CAD rate has begun to recover.

What is tradingeconomics forecast for CAD & CAD?

TradingEconomics expected the CAD to be priced against the USD at 1.29 by the end of this quarter, and looking ahead, the USD/CAD forecast will rise to 1.34 in 12 months. In addition to the USD/CAD forecast, the data provider gave price targets for EUR/CAD, GBP/CAD, and AUD/CAD.

Why is the CAD rising?

In the case of Canada, this is related to the price of oil, the country’s main export. When oil prices rise, the CAD often rises; when oil prices fall, the loonie will often decline. The BoC kicked off the most recent rate hiking cycle on 3 March 2022 – ahead of the Fed – raising rates by 0.25% to 0.5%.