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 exchange rate forecasts for the CAD to USD pair indicate a mixed outlook for the Canadian Dollar. While the CAD has been influenced by improving oil prices, the currency has struggled to gain momentum due to a lack of significant domestic data releases. The Canadian Dollar remains closely linked to oil prices, with potential support from global growth and demand for oil, yet this correlation has weakened. Analysts suggest that looser monetary policy from the Bank of Canada could impact CAD exchange rates negatively. CIBC Capital Markets has adjusted their year-end forecast for the USD/CAD exchange rate in 2024 to 1.31, signaling a stronger position for the US Dollar against the Canadian Dollar.
On the other hand, the US Dollar has rallied in response to unexpected inflation acceleration, leading to a surge against its peers. The robust performance of the US economy, as evidenced by strong job reports and wage growth, has delayed expectations for rate cuts from the Federal Reserve. Market dynamics have played a crucial role in driving the Greenback higher, with investors now anticipating a potential rate reduction in June. The focus remains on upcoming US data releases such as inflation and retail sales figures to gauge the timing and trajectory of Federal Reserve policy changes. The recent CADUSD and Brent Crude OIL/USD price data show the CAD to USD pair at 7-day lows near 0.7389 and oil prices trending higher at 85.11, indicating a somewhat challenging environment for the Canadian Dollar to make significant gains against the US Dollar.
@bestfxrates : The CAD faces a challenging outlook against USD, tethered to fluctuating oil prices yet undermined by scarce domestic data & looser Bank of Canada policies. Despite a 7-day low at 0.7389, oil's rise offers little reprieve. FX analysts watch US data for Fed policy hints, eyeing a year-end USD/CAD at 1.31. #ForexUpdate #CADUSD #CurrencyMarket
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Date
CAD/USD
Change
Period
04 Mar 2024
0.7366
0.3% ▲
2 Week
19 Dec 2023
0.7498
1.5% ▼
3 Month
19 Mar 2023
0.7292
1.3% ▲
1 Year
20 Mar 2019
0.7524
1.8% ▼
5 Year
21 Mar 2014
0.8907
17.1% ▼
10 Year
23 Mar 2004
0.7504
1.5% ▼
20 Year
CAD/USD historic rates & change to 18-Mar-2024
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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