Live and Historical GBP/CAD Rates
This chart shows the value of the Great British pound (GBP) against the Canadian dollar (CAD) – that is how many CAD it takes to purchase one pound. GBP is a major currency, but it does not form a major pair or a commodity pair with CAD. CAD is not a major currency.
The pound and Canadian dollar had a stronger tie in the past, when Canada was under the English crown. Today, the Canadian dollar is tightly connected to USD, which means that GBP/CAD often correlates to EUR/USD. However, Canada is also strongly controlled by the commodity cycle. GBP/CAD is not traditionally considered as one of the major commodity pairs, but it is a close candidate for the title. Both economies are relatively stable, but it is very possible to take advantage of a differential window between the two. Generally, this pair magnifies whatever dynamics are happening in EUR/USD.
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The British Pound
The British pound is a strong currency, in part because of the strength of the United Kingdom’s trade partners. The United Kingdom trades most often with the United States, Germany, Ireland, the Netherlands and France-some of the strongest economies in the world. GBP has one of the highest values in the world market, and it is the oldest currency still in circulation today. The Bank of England has control over the British pound. The bank is located in London, which is considered the capitol of the world for forex trading. The major British exports include manufacturing, services, agriculture, and energy.
The Canadian Dollar
CAD is the in the top seven traded currencies in the world. The strength of the Canadian economy (tenth largest in the world) helps maintain this status. In the past, Canadians have attempted to join their CAD with USD and CAD has been pegged to USD as well, but the two currencies are now completely separate. Official ties aside, the US remains Canada’s most important trade partner, contributing almost eighty-five percent of Canada’s imports and receiving over fifty percent of Canada’s exports. Canada’s other major trading partner is the UK. Upwards of twenty-five percent of exports are base metals, crude oil and forestry products.