Canadian Holidays 2010
GBP staying about the same in Canada
A leading factor in determining when and where to go on vacation, particularly if you have an global destination in mind , is knowing how much your cash is worth. It is way more cost-effective to travel to a country where you've more buying power than to one where the GBP does not hold powerful.
If you've got your sights on travelling to Canada, the good news is that your cash is worth just as much as it was last year at this time. According to the Bank of Canada Currency Converter, the September 12, 2011 exchange rate was 1 GBP to $1.57 CAN, exactly what it was worth one year ago.
The bad news is that the GBP isn't worth much more. The average over the past year was 1 GBP to $1.58 CAN, implying that there has been little fluctuation. There weren't any opportunities over the past year for British visitors to buy Canadian dollars online at better rates.
Flashback to May, 2008, and the GBP was worth $1.97 CAN, a major increase in value. Brit visitors might have taken a vacation to Canada and spent considerably less for a similar food, lodging, and conveniences that you would purchase today, in spite of rates of inflation. Slurping a glass of Chardonnay at the top of the CN Tower in Toronto would have cost 20% less than it would cost today, or over the past year. The higher exchange rate lasted until October, 2008, when it began to slowly decline. The GBP held steady at an exchange rate of approximately $1.75 CAN all though 2009, and declined further in 2010 with a mean cost of roughly $1.59 CAN.
During the last year, UK travellers could have taken a vacation to Canada without any worry of losing any significant money in foreign exchange. In the fall of 2010, the GBP rose to a high of $1.63 CAN in Nov, then began to devalue with lows of $1.53 CAN in March and August. A fluctuation of 10 cents on the Canadian dollar interprets to roughly 6 p.
During the last month, the UK pound has fallen in price from an exchange rate of $1.61 CAN in Aug to $1.57 CAN in September. The utmost value during the past month was during the week of Aug 17-23 when the GBP was worth $1.63 CAN. The lowest worth during the last month is $1.57 CAN, the rate for September 13, 2011.
PROGNOSIS
Since September 1, 2011, the value of the GBP has remained low at approximately $1.58. If the trend in the year repeated itself, the GBP would slowly gain price (4 or 5 cents Canadian) against the Canadian dollar up until the new year. UK travellers who fancy to take in the brilliant fall colors of the Canadian deciduous forest or are arranging a ski vacation in Banff, Whistler or Montreal before the Christmas vacations will possibly see only a modest fluctuation in Canadian foreign exchange rates, primarily based on past trends.
Hamish Smith is a freelance currency expert based in Plymouth, England. He uses FairFX as his currency card supplier.
St. Kitts Canadian Association of Toronto 2010 Holiday Greetings
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