Personal Finance

Why is Canadian dollar tanking with pound

  • Last Updated:
  • Jun 24th, 2016 10:06 am
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13 replies
Deal Fanatic
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Feb 19, 2010
6237 posts
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Because the GBP is selling off, people are buying USD and the strength of the USD is what's pushing the CAD down.
Member
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Mar 17, 2006
377 posts
40 upvotes
pound is going down in relation to the Canadian Dollar
Banned
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Jul 17, 2008
11042 posts
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I'm seriously thinking of buying GBP. Thoughts? I see no reason for the GBP to go down other than a short term knee jerk reaction.
Sr. Member
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Apr 28, 2012
957 posts
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QC
Why is the CAD tanking in relation to JPY ?
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Member
Mar 7, 2011
459 posts
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Ottawa
Flitox wrote: Why is the CAD tanking in relation to JPY ?
JPY is soaring because it is considered as safe asset. Gold price is also going up.
Sr. Member
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Apr 28, 2012
957 posts
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QC
sky417 wrote: JPY is soaring because it is considered as safe asset. Gold price is also going up.
Looks like that Japan trip is gonna cost me much more. Better book my accomodation using hotel points ASAP before it's taken into account in the points redemption requirements
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Deal Addict
Sep 6, 2010
1935 posts
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Vancouver
Conquistador wrote: Because the GBP is selling off, people are buying USD and the strength of the USD is what's pushing the CAD down.
This.
Deal Fanatic
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Sep 8, 2007
9018 posts
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Way Out of GTA
Messerschmitt wrote: I'm seriously thinking of buying GBP. Thoughts? I see no reason for the GBP to go down other than a short term knee jerk reaction.
I will be buying pound and FTSE. Remaining short mainland Europe and Europe banks.

Added: looks like FTSE 100 ETF with GBP exposure is ISF LN. Trades on London.
Deal Addict
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Sep 10, 2009
1278 posts
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Montreal
Messerschmitt wrote: I'm seriously thinking of buying GBP. Thoughts? I see no reason for the GBP to go down other than a short term knee jerk reaction.
The bank of England said that in case of a brexit they would decrease the rates by 0.25%-0.50% which would devalue the money even more.
Member
Oct 16, 2015
394 posts
232 upvotes
Quebec
It is the USD which is rising in comparison to other currencies rather than something specific with CAD. The US Dollar is a safe-haven currency in times of political and economic uncertainty. There is not intrinsic problem with the CAD with regards to the British exit vote.
Deal Expert
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Jun 9, 2003
24798 posts
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Markham, ON
safehaven...USD, GOLD, and YEN.

Not oil so much...CAD should still be up because of gold...however...not as much as USD, YEN and GOLD...so CAD not so much compared to the others.

it's all relative....remember CAD is more like a commodity currency.
Deal Addict
Oct 18, 2014
3062 posts
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Oakville, ON
Did the euro also go down in relation to the cdn dollar ? Or remained the same...pound went down but hard getting legible history and graphs that really outlay currency comparisons in relation to cdn dollar

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