GBP/CAD: Pound Cannot Handle the Pressure on Election Day

GBP/CAD is declining on Thursday — the day when the British citizens are voting who’ll reach the UK’s House of Commons. The pair is currently trading at 1.7344, down 0.18% as of 10:44 AM UTC. The quotation is likely to become much more volatile in the evening when the first polls and official results are available.

The stakes of this election — the first December poll in a century — are very high. Britons will choose between the now ruling Conservative Party, whose leader Prime Minister Boris Johnson wants to “get Brexit done” as soon as possible, and the opposition Labour Party, whose leader Jeremy Corbyn wants another referendum that could potentially reverse the Brexit process. Other parties will likely over 20% on aggregate only.

Recent polls showed that Johnson’s lead over the Labour party narrowed in the last weeks. Earlier today, an Ipsos MORI poll prepared for the Evening Standard newspaper suggested that the Tories held an 11-point lead over the Labours, down from 12 points last week.

The survey showed support for Conservatives at 44%, the same level reported in a previous poll published on December 6. Elsewhere, the Labour Party rose one point to 33%.

Besides the election pressure, the sterling has slightly declined after the Royal Institution of Chartered Surveyors (RICS) said that UK house prices tumbled in November by the most since April of this year, citing Brexit uncertainty as the main cause.

The monthly house price indicator fell to -12 in November, from -5 in October. The number of new buyers and sellers is still falling. Nevertheless, the decline in sales might be bottoming out as the number of surveyors who anticipate a rebound next year rose to the highest level in two years.

RICS chief economist Simon Rubinsohn commented:

“Whatever happens in the general election today, it is important that the new government provides reassurance both over the stewardship of the economy and the ongoing challenges around Brexit.”

The Canadian dollar is now monitoring the news related to the US-China trade relationship. The US is set to impose new tariffs this Sunday, though Trump might delay that plan. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.