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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

     

    The recent currency market dynamics show a mixed outlook for the Canadian dollar (CAD) against the US dollar (USD). The CAD lacked clear direction recently due to the absence of significant economic data, with its movement closely linked to fluctuating oil prices and the strength of the USD. With the Bank of Canada's impending interest rate decision, the CAD faces potential downside risks if a rate cut is announced.

    On the other hand, the USD has seen some strength amidst challenging global trade conditions but has been hindered by diminishing US Treasury bond yields and a lack of fresh economic data. The upcoming release of the US services PMI could impact USD exchange rates, potentially dampening its performance if the index retreats as expected. Despite these factors, the strong performance of the US economy and delayed rate cut expectations could provide support for the USD in the near term.

    The CAD/USD exchange rate has recently hit 90-day lows near 0.7254, staying relatively stable within a 1.3% range. Oil price movements, which significantly influence the CAD due to Canada's reliance on oil exports, have shown volatility with Brent Crude OIL/USD trading 2.7% below its 3-month average. In this environment, it is essential for individuals and businesses engaging in currency exchanges involving the CAD and USD to monitor economic indicators, central bank decisions, and oil price trends for informed decision-making to save costs on international transactions.

     
    @bestfxrates : 📉 #CADUSD faces uncertainty as it hovers near 90-day lows at 0.7254. FX analysts eye the Bank of Canada's rate decision & US services PMI for direction. Oil price volatility continues to sway the loonie amid a mixed market view. Stay alert to economic indicators for optimal trades. #ForexUpdate

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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 =
    0.7236We compare provider deals to this wholesale mid-market rate. Read more
    USD
    -0.2%
    3M
    CAD to USD is at 90-day lows near 0.7242, just 0.9% below its 3-month average of 0.7306, having traded in a stable 1.5% range from 0.7242 to 0.7351
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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
    10 Jul 2024
    0.7343
    1.4% 2 Week
    25 Apr 2024
    0.7321
    1.1% 3 Month
    25 Jul 2023
    0.7583
    4.5% 1 Year
    26 Jul 2019
    0.7589
    4.6% 5 Year
    27 Jul 2014
    0.9249
    21.7% 10 Year
    29 Jul 2004
    0.7526
    3.8% 20 Year
    CAD/USD historic rates & change to 24-Jul-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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    Rather than requiring you to set a target rate, our Rate Alerts keep you informed of recent trends and movements of currency pairs.

    Keep track of currency Trends; Up📈 or Down📉 trends over periods from 1 week (1W) to 3 months (3M).

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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