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    USD to CAD 2024 Forecasts

    Analysis of recent Dollar → Loonie forecasts for 2024. We collate forecasts from respected FX analysts together with the latest US dollar to Canadian dollar performance and trends.

     

    Forecasts for USD to CAD

     

    Recent forecasts and currency market updates suggest a mixed outlook for the USD to CAD exchange rate. The US dollar (USD) has shown strength despite signs of a softening labor market and a slight decline in May. Factors such as slowing job growth, softer inflation, and potential Fed rate cuts have influenced the USD. In contrast, the Canadian dollar (CAD) has been supported by improving oil prices but faces challenges from easing domestic inflation concerns and a recent Bank of Canada rate cut. FX analysts anticipate more weakness for the Canadian currency relative to the USD, with expectations of the BoC turning more dovish on rates and potential rate cuts.

    The USD to CAD exchange rate has been relatively stable, near its 7-day lows around 1.3689, reflecting a stable range of 2.4% from 1.3510 to 1.3828. As Canada is a major oil exporter, CAD can be influenced by oil price movements. The recent OIL to USD price data shows oil trading near its 3-month average at 85.71, indicating a volatile range of 17.6%. With concerns over inflation, central bank policies, and global economic growth, the future direction of the USD to CAD exchange rate remains uncertain, subject to ongoing market dynamics and external factors.

     
    @bestfxrates : USD/CAD near 7-day low at 1.3689 as USD shows resilience amid soft labor data & potential Fed cuts. CAD under pressure with oil at $85.71 & possible BoC dovish shift. Market views mixed, with eyes on inflation & economic indicators for future direction. #USDCAD #Forex #CurrencyUpdate

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    USD to CAD Market Data

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

     
    1 USD =
    1.3701We compare provider deals to this wholesale mid-market rate. Read more
    CAD
    -0.1%
    1W
    USD to CAD is at 7-day lows near 1.3689, near its 3-month average, having traded in a very stable 2.4% range from 1.3510 to 1.3828
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    Compare & Save - US dollar to Canadian dollar

    Exchange rates can vary significantly between different currency exchange providers, so it's important to compare US dollar (USD) to Canadian dollar (CAD) rates from different sources before making a conversion.

    Use our USD to CAD 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 Dollar to Loonie currency rates and the possible savings of using various providers.

     
    DateUSD/CADChangePeriod
    06 Jun 2024
    1.3669
    0.2% 2 Week
    22 Mar 2024
    1.3626
    0.5% 3 Month
    21 Jun 2023
    1.3161
    4% 1 Year
    22 Jun 2019
    1.3231
    3.5% 5 Year
    23 Jun 2014
    1.0736
    27.5% 10 Year
    25 Jun 2004
    1.3483
    1.5% 20 Year
    USD/CAD historic rates & change to 20-Jun-2024
     

    Will the US dollar rise against the Canadian 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.

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    Read our Currency guide to Canada - a practical currency and money guide to travel, living and doing business in Canada with the Canadian 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