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    CAD to USD 2024 Forecasts

    Analysis of recent Loonie → Dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Canadian dollar to US dollar performance and trends.

     

    Forecasts for CAD to USD

     

    Recent exchange rate forecasts for the CAD to USD pair suggest a bearish outlook for the Canadian dollar against the US dollar. Analysts attribute the CAD's weakness to falling oil prices and a decline in the USD. The Bank of Canada's dovish tone and potential interest rate cuts are expected to weigh on the CAD in the coming months. Major financial institutions such as Wells Fargo & Co., Monex Europe Ltd., Royal Bank of Canada, and Bank of America Corp. anticipate further weakness in the CAD relative to the USD, projecting potential rate cuts by the BoC against a backdrop of a stronger USD.

    Given the correlation between the CAD and oil prices, the Canadian dollar's performance remains closely tied to fluctuations in the commodity market. While a boost in global growth could support the CAD, potential BoC rate cuts and a strengthening positive correlation with the USD may undermine the CAD's strength. CIBC Capital Markets forecasts a stronger USD against the CAD in 2024, with the potential for the exchange rate to reach 1.31 by year-end. However, optimism for the Canadian dollar in 2025 exists, with expectations of a weaker USD against other major currencies.

    The CADUSD pair currently trades near its 3-month average at 0.7346, showing stability within a narrow range. Meanwhile, oil prices have experienced volatility, with the Brent Crude OIL/USD pair 2.5% below its 3-month average at 83.44. These factors, combined with evolving central bank policies and global economic conditions, are likely to influence the CAD's performance against the USD in the near term.

     
    @bestfxrates : FX analysts forecast a bearish trend for the CAD against the USD, citing falling oil prices & potential BoC rate cuts. Major financial institutions see further CAD weakness, with CIBC expecting 1.31 by year-end. CadUSD trades steadily at 0.7346 despite oil volatility. #ForexUpdate #CADUSD

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    CAD to USD Market Data

    Canadian dollar (CAD) to US dollar (USD) market data - latest interbank exchange rate, trend, chart & historic rates.

     
    1 CAD =
    0.7343We compare provider deals to this wholesale mid-market rate. Read more
    USD
    +0.0%
    1M
    CAD to USD at 0.7343 is near its 3-month average, having traded in a very stable 2.7% range from 0.7232 to 0.7430
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    Compare & Save - Canadian dollar to US dollar

    Exchange rates can vary significantly between different currency exchange providers, so it's important to compare Canadian dollar (CAD) to US dollar (USD) rates from different sources before making a conversion.

    Use our CAD to USD calculator to see how much you could save on your international money transfers. makes it easy to compare the Total Cost you are being charged on Loonie to Dollar currency rates and the possible savings of using various providers.

     
    DateCAD/USDChangePeriod
    03 May 2024
    0.7317
    0.4% 2 Week
    17 Feb 2024
    0.7414
    1% 3 Month
    18 May 2023
    0.7408
    0.9% 1 Year
    19 May 2019
    0.7436
    1.3% 5 Year
    20 May 2014
    0.9175
    20% 10 Year
    22 May 2004
    0.7293
    0.7% 20 Year
    CAD/USD historic rates & change to 17-May-2024
     

    Will the Canadian dollar rise against the US dollar?

    It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.

    To help with this you can add CAD/USD to your personalised Rate Tracker to track and benefit from currency movements.

     
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    Read our Currency guide to the United States - a practical currency and money guide to travel, living and doing business in the United States with the US dollar.

     
     

    Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more