GBP/CAD

1.742495
0.65%

Daily
  • L. 1.7413
  • H. 1.75576
  • Ch. -0.011305
  • Ch.% -0.65%
Overview
Costs & Margins
  • GBP/CAD is the forex ticker for the exchange rate between the British pound and Canadian dollar – the fourth and sixth most traded currencies in the world. It tells traders how many Canadian dollars are needed to buy a single unit of GBP.

    The Canadian dollar is considered a commodity currency, due to the country’s position as an energy exporter, which means the price of GBP/CAD is heavily influenced by oil prices. When the demand for oil rises, it creates greater demand for the Canadian dollar – pushing the price of GBP/CAD down.

  • Margin From
    5.0 %
  • Trading Hours
    24 hours / day *
  • Min Trade Size
    1
  • Long
    2739.55
  • Short
    -3707.98
  • Min Stop Distance
    6.0 Points
  • Guaranteed Order Minimum
    180.0 Points
  • Guaranteed Order Premium
    4.0 units of quantity
  • Spreads
  • Spreads From
    0.00062 Points
  • Margins
  • 0 - 3 200
    5.0 %
  • 3 200 - 16 000
    7.0 %
  • 16 000 +
    10.0 %
  • Dealing
  • Spreads
    0.00062 Points
  • Guaranteed Order Min Distance
    180.0 Points
  • Margins
  • 0 - 3 200
    5.0 %
  • 3 200 - 16 000
    7.0 %
  • 16 000 +
    10.0 %

Pivot points
Dailys
Weekly
Monthly
Pivot point
1.75470
Bid
1.74209
Offer
1.7429
Distance
0
Last Updated: 6/13/2024 11:59:59 PM
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Forex explained

Why do people trade currencies?

People trade currencies for lots of different reasons. You’ve probably traded a currency if you’ve ever bought goods overseas, for example, or gone on a foreign holiday. However, the vast majority of FX trading is done for profit.

Currencies are constantly moving in value against each other. On any given day, the pound might be rising against the dollar, while the euro falls against the Swiss franc. Forex traders buy and sell currency pairs to try and take advantage of this volatility and earn a return.

For instance, if the Australian dollar is rising against the US dollar, you might buy AUD/USD. When you buy this pair, you’re buying Australian dollars (AUD) by selling the US dollar (USD). Then, if Australian dollars continue to outpace US dollars, you can sell the pair to exchange your AUD back for USD and keep the difference as profit.

Confused? See more examples of how FX trading works.

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Where is forex traded?

Forex is traded via a global network of banks in what’s known as an over-the-counter market – unlike shares and commodities, which are bought and sold on exchanges. Because of this, you can trade forex 24-hours a day five days a week.

FX trading is split across four main ‘hubs’ in London, Tokyo, New York and Sydney. When banks in one of these areas close, those in another open, which is what facilitates round-the-clock trading.

However, there’s no physical location where these banks and individuals trade with each other. Instead, it is entirely online.

Learn more about how to trade forex.

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When is the forex market open for trading?

The forex market is open for trading 24 hours a day, five days a week. That means with FX, you can build your trading strategy around your schedule, instead of having to conform to when a stock exchange is open.

However, there are times when the market is much more active, and times when it is comparatively dormant. To learn the best times to trade forex, read our FX market hours page.

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