Author, Andrew Gibson
Here you will find out the highs, lows & averages of GBP to CAD, whether it’s a good time to exchange Pounds into Canadian Dollars, and how to get a better GBP to CAD exchange rate.
Highest GBP to CAD exchange rate ever
The British Pound to Canadian Dollar exchange rate increased to an all-time high of $2.9005 on 2nd January 2000.
In the year 2000, the UK had a booming financial sector and stronger economic growth than other major economies, which led to an appreciation in the value of the Pound.
Lowest GBP to CAD exchange rate ever
The British Pound fell to an all-time low of $1.456 against the Canadian Dollar on 13th February 1985.
In 1985, the US Dollar went up considerably, which also boosted the Canadian Dollar as the two countries have strong trade links.
Average GBP to CAD exchange rate
An average GBP to AUD rate can be a good way to benchmark the current exchange rate.
The average GBP to CAD rate over the last 5 years has been 1 British Pound = 1.708 Canadian Dollars
The average GBP to CAD rate over the last 10 years has been 1 British Pound = 1.7157 Canadian Dollars.
Looking at those averages, you might think the GBP/CAD rate is very stable. However, there’s been some big swings.
Over the past decade, the rate has been down near $1.50 and up over $2.
History shows there are always periods of strength and weakness in any currency pair.
Is it a good time to buy Canadian dollars with Pounds Sterling?
If you want to exchange British Pounds for Canadian Dollars, the best time to buy is when the rate is high.
A higher number means you will get more Canadian Dollars for each British Pound.
Over the past 2 years, the GBP/CAD rate has spent most of the time between $1.70 and $1.75. That provides you with a good yardstick to compare against the current rate.
When the GBP to CAD rate is toward the top end of that range, it is a good time to buy Canadian Dollars. Conversely, when the GBP to CAD rate is at the low end of that range, it is a good time to sell Canadian Dollars.
GBP to CAD forecasts (some practical advice)
A lot of people use exchange rate forecasts to help decide whether it’s a good or bad time to exchange their money.
In practical terms, if the GBP to CAD rate is forecast to strengthen, then buyers of Canadian Dollars are best to wait.
Whereas if the GBP/CAD rate is forecast to weaken, buyers of Canadian Dollars should exchange their money now before it gets worse.
The reality is that forecasts are an opinion, and there are always plenty of opposing opinions in the market.
A lot of the forecasts you see in the press are really a PR exercise for the analyst. It’s more about getting their name out there rather than being right.
When it comes to forecasting, I tend to focus more on the price action in front of me than any financial clairvoyant’s prediction.
One way to get a feel for the current GBP to CAD exchange rate trend is to use technical analysis.
Technical analysis uses price patterns to identify trends and predict future exchange rate movements.
I would suggest checking out the GBP/CAD technical analysis on investing.com.
It provides a good overview of technical analysis in a nice, neat and comprehensible way.
The page is automatically set to Hourly analysis (look for a box in orange), but you can change the timeframe to Daily, Weekly or Monthly. That way, you can adjust the technical analysis to a timeframe that suits you.
The truth is all forecasting and analysis is more about probability than certainty.
But I know from my own experience, I would rather try to achieve a better rate than just accept whatever rate is put in front of me.
Getting the best GBP to CAD exchange rate
It can be a difficult task trying to figure out where to get the best exchange rates.
Most people know that the big banks are rarely the place to go.
Not only are the exchange rates offered by banks uncompetitive, they often add on an assortment of fees too.
Money transfer specialists are normally a lot better option, and some, like ourselves, don’t add on any fees at all.
The various fees not only add to the cost of an international transfer, they make it complicated trying to compare one place to another (I’m sure that’s part of the strategy).
That’s why we keep things simple – we quote a live exchange rate, and there’s no other costs (hidden or otherwise) to worry about.
As part of our service, we are also happy to discuss the timing of your transfer.
You’ve probably seen how much the GBP to CAD exchange rate can fluctuate – even on a daily basis.
Even small, fractional improvements in exchange rates can make a big financial difference to you.
However, most people have neither the time nor the inclination to watch the Pound to Canadian Dollar rate all day long.
It’s why it can be beneficial to speak to someone who is a lot more familiar with foreign exchange.
At Key Currency, we can alert you if there is a favourable move in the GBP to CAD exchange rate or if a specific rate you want becomes available.
Why most online GBP to CAD exchange rates are misleading
Most people get exchange rates off the internet these days.
There are dozens of websites, like XE and Oanda, that provide live exchange GBP to CAD exchange rates.
But most people don’t know…
The exchange rates you see online are not customer rates.
Online rates tend to be something called “interbank rates”.
Put simply; interbank rates are used by banks to trade with other banks.
The sting in the tail is that often the websites that display interbank rates use them as a hook to get you to sign up for an account only for you to find out later than the rate displayed was for “information purposes only”.
If you look closely, there is often a disclaimer (in small print) explaining that the rates shown are not accessible for customers.
It’s a constant source of frustration for customers.
By getting a genuine GBP to CAD exchange rate, you know where you stand and can budget more effectively.
Need guidance on GBP to CAD exchange rates?
At Key Currency, we offer a person-to-person service. That means we can help guide you on current exchange rates and market trends.
Our team of currency experts are watching exchange rates continuously throughout the day and familiar with the drivers and events happening in the foreign exchange markets.
Bear in mind, these days, most money transfer companies just give you access to an online system and leave you to do the rest.
Unless you are familiar with foreign exchange, you may exchange your money at the wrong time – which can be a costly mistake.
At Key Currency, we can discuss and agree on the right time to exchange your money, rather than using a bank or online-only platform and having to accept whatever rate they give you on the day.
We think that’s a better way of doing things.
Our service has a 5-star rating on Trustpilot, based on over 1,000 customer reviews.
And rest assured, Key Currency is an FCA regulated Authorised Payment Institution (No. 753989). All money transfers are conducted through safeguarded client accounts.
If you would like to compare our GBP to CAD exchange rates, just request a free quote below.