Canadian dollar CAD Forecasts for 2021
Forecasts for the Canadian dollar change all the time, affected by news events and relative sentiment towards the Canadian economy.
BER ResearchCanadian dollar Outlook
| CAD/USD was | Change | Period |
|---|---|---|
0.7999 12 Jan 2022 | 1.3% ▼ | 2 Weeks |
0.8098 28 Oct 2021 | 2.5% ▼ | 90 Days |
0.7878 26 Jan 2021 | 0.2% ▲ | 1 Year |
0.7604 27 Jan 2017 | 3.8% ▲ | 5 Years |
0.9992 29 Jan 2012 | 21% ▼ | 10 Years |
0.6305 31 Jan 2002 | 25.2% ▲ | 20 Years |
CAD Market Trends and Predictions
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.
CAD to USD
CAD to USD at 0.7897 is near average of its 90-day range 0.7727-0.8099. CAD/USD Rates
The Ukrainian crisis and the risk-off market have pushed the Canadian dollar down towards 0.79 against the US dollar (1 USD = 1.26 CAD).
Earlier in January oil prices had jumped to the highest levels since late October above $80 per barrel, leading analysts to predict another rally for the Canadian Dollar.
Given the outperformance of the CAD in 2021, it was no surprise to see some consolidation from late October as investors took profits. However, by the end of the year the gloss was well and truly off the loonie with it falling to a 1-YEAR LOW below 78 cents.
CADUSD has however revived somewhat in the first weeks of 2022 with the level heading back towards 80 cents.
CAD to GBP
CAD to GBP at 0.5866 is near average of its 90-day range 0.5783-0.5986. CAD/GBP Rates
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.
CAD to EUR
CAD to EUR at 0.7025 is 1.0% above average of its 90-day range 0.6852-0.7070. CAD/EUR Rates
In November CAD/EUR has risen to around the 0.70 level as the energy crisis hurts the euro and helps the gas and oil exporting Canadian dollar.
CAD to INR
CAD to INR at 59.15 is near average of its 90-day range 58.24-60.58. CAD/INR Rates
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.
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