Switch .com Best Exchange Rates .com Best Exchange Rates .com Best Exchange Rates
 

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 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

Multi-Vendor Quote

We can help you get an even better deal when sending a Large International Money Transfer.

Click below for the Request Quotes form and enter your transfer details (BER account required).

Request Quotes

Save time and money - fewer websites to visit and you get a much better exchange rate & service.

Loading rates...

   
 
 

CAD to USD Market Data

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

 
1 CAD =
0.7385We compare provider deals to this wholesale mid-market rate. Read more
USD
+0.0%
📉1W
CAD to USD at 0.7389 is just 0.7% below its 3-month average of 0.744, having traded in a very stable 3.0% range from 0.7356 to 0.7576
|
Sell CAD   →   Buy USD
My Rates

Manage My Rates   


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
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
 

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.

 
Track Rate
 

Manage My Rates   

 

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).

Add rates to your Rate Tracker and select to receive an daily email (mon-fri) or when a rate is trending


 

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