Forecasts for the Canadian dollar change all the time, affected by news events and relative sentiment towards the Canadian economy.
Since the start of the Russia/Ukrainian war the risk on-off market are pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar (1 USD = 1.27 CAD).
06 May 2022
19 Feb 2022
20 May 2021
21 May 2017
22 May 2012
25 May 2002
Volatile oil and gas prices due to the Russian invasion of Ukraine have lead analysts to predict large price movements to continue for the Canadian Dollar.
Last year, 2021 the second year of COVID, Canadian dollar forecasts were almost entirely driven by the effects and response to the Coronavirus pandemic rather than any fundamentals of the Canadian economy.
However as we progress through 2022, the Canadian dollar is being buffeted by predictions of rising interest rates, inflation and the oil price as the world starts the slow path to recovery from the pandemic.
CAD exchange rates have gained amid Canada’s improved economic outlook and recovering oil prices. Early success in controlling COVID-19 has helped the Canadian economy to rebound as massive government aid boosted consumer spending and low interest rates have fuelled a surge in the housing market.
Supporting the loonie has been a rise in the oil price (oil is among Canada’s most exported products but is volatile and can’t be relied upon), a large and welcome jump in inflation, and dovishness at major central banks of the world, including the Federal Reserve, ECB and RBA.
The following sections show a summary of bank forecasts for popular GBP cross rates that we have reviewed, you can view each forecast article for more details.
The Ukrainian crisis and the risk on-off market are pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar (1 USD = 1.27 CAD).
Volatile oil prices due to the Russian invasion of Ukraine have lead analysts to predict large price movements to continue for the Canadian Dollar.
The Ukrainian crisis and risks for an energy crisis in Europe has pushed the Pound down against the Canadian, New Zealand and Australian Dollars. These currencies that normally are vulnerable to ‘risk off’ events, showing the impact of the gas crisis in the UK.
Into March CAD/EUR has trading above the 0.71 level (1 EUR = 1.4 CAD), this a few percent from where the rate ended 2021. The effect of Ukraine crisis on energy prices hurts the euro and helps the gas and oil exporting Canadian dollar.
The Ukrainian crisis and the risk-off market for European energy supplies have pushed the Canadian dollar down against the Rupee.
At the end of the January the CAD/INR exchange rate was heading towards the 59 mark down from its highs around 61 in October last year.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.