Pound Canadian Dollar Forecast: GBP Climbs to CA$1.8477 as Oil Retreat Weakens CAD

GBP/CAD climbed to near CA$1.8477 on May 1, 2026, as the Canadian dollar weakened alongside retreating crude oil prices, reducing support for the commodity-linked Loonie. The pair had slipped to around CA$1.8441 on April 27 amid rising oil driven by Middle East tensions and bullish Goldman Sachs outlook. Sterling gained modest backing from the Bank of England's unchanged rates with a firm inflation tone—one policymaker voted for a hike—while forward guidance and oil swings are set to drive near-term moves.