The market bias for CAD against THB is currently range-bound.
Key drivers include current interest rates, with the Bank of Canada maintaining rates at 2.25%, while Thailand shows currency strength backed by a robust current account surplus and capital inflows. Additionally, oil prices remain elevated, recently trading near $63, supporting the Canadian dollar as Canada is a key oil exporter.
Over the next 1–3 months, CAD/THB is expected to trade within a stable range, reflecting a slight discount compared to its recent average.
Upside risks include a sustained increase in oil prices potentially boosting the CAD further. Conversely, downside risks may arise from economic slowdown projections in both Canada and Thailand, affecting overall currency strength.