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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 Canadian dollar (CAD) has been relatively stable against the US dollar (USD) in recent weeks, supported by consistent oil prices, a key driver for the Canadian economy. CADUSD has traded within a tight range, hovering near 7-day highs around 0.7290, just below its 3-month average. Despite some weakness against other major currencies due to concerns including easing inflation, slowing activity, and a Bank of Canada rate cut, the CAD has maintained its ground against the USD. Analysts from institutions such as Wells Fargo & Co., Monex Europe Ltd., Royal Bank of Canada, and Bank of America Corp. are forecasting further weakness for the Canadian currency in the coming months compared to the USD. They anticipate the Bank of Canada taking a more dovish stance on rates, potentially implementing earlier and deeper rate cuts than the Federal Reserve.

    Additionally, the correlation between the Canadian dollar and oil prices remains a significant factor to watch, as Canada's economy heavily relies on oil exports. Recent Brent Crude OIL/USD price data shows oil trading near 30-day highs around 85.41, indicating a volatile yet upward trajectory. If looser monetary policies stimulate global growth and increase the demand for oil, the Canadian dollar could receive a boost. However, potential interest rate cuts from the Bank of Canada could undermine the CAD's exchange rates, especially against the USD. These factors, combined with the shifting central bank policies and market expectations for both currencies, suggest that the CADUSD exchange rate might experience further fluctuations in the near future.

     
    @bestfxrates : CADUSD remains steady near 0.7290 amidst stable oil prices. Analysts flag potential CAD weakness ahead, with BoC rate cuts likely outpacing the Fed's. Oil's steady climb could offer support, but diverging central bank policies may induce volatility. #CADUSD #ForexUpdate #BoC #Fed

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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 =
    0.7305We compare provider deals to this wholesale mid-market rate. Read more
    USD
    +0.1%
    1W
    CAD to USD is at 7-day highs near 0.7296, just below its 3-month average, having traded in a very stable 2.4% range from 0.7232 to 0.7402
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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
    05 Jun 2024
    0.7304
    0.1% 2 Week
    21 Mar 2024
    0.7392
    1.3% 3 Month
    20 Jun 2023
    0.7561
    3.5% 1 Year
    21 Jun 2019
    0.7558
    3.5% 5 Year
    22 Jun 2014
    0.9297
    21.5% 10 Year
    24 Jun 2004
    0.7433
    1.9% 20 Year
    CAD/USD historic rates & change to 19-Jun-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