The Gulf Stream is warm current beginning on the Gulf of Mexico side of the tip of the Florida peninsula. It flows along the Atlantic coast line north until it meets the Labrador coast of Canada and the cool Labrador Current, thence the Gulf Stream flows east until it runs northwest along the British isles.
The Labrador Current is a cold current in the North Atlantic Ocean which flows from the Arctic Ocean south along the coast of Labrador and passes around Newfoundland, continuing south along the east coast of Nova Scotia. It is a continuation of the West Greenland Current and the Baffin Island Current.
The cool Labrador Current meets the warm Gulf Stream at the Grand Banks southeast of Newfoundland in the lower right hand corner of the map. The combination of these two currents produces heavy fogs and has also created one of the richest fishing grounds in the world.
In spring and early summer, this current pushes icebergs from the glaciers of Greenland southwards into the trans-Atlantic shipping lanes. The waters of the Labrador Current have a cooling effect on the Canadian Atlantic provinces and USA upper Northeast coast from Maine south to Massachusetts. Source: Wikipedia.