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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 market updates provide valuable insights into the potential future movements of the USD to CAD exchange rate. The US dollar (USD) has been on a positive trajectory, buoyed by a strong economy and reduced expectations for Federal Reserve rate cuts. Despite a dip in US Treasury yields, the USD is expected to maintain its strength amidst weak market risk appetite. With a robust job market and the Federal Reserve signaling a reluctance to cut rates, USD exchange rates could see further support in the near term, potentially impacting its exchange rate with the Canadian dollar.

On the other hand, the Canadian dollar (CAD) has shown resilience despite oil price fluctuations and shifting central bank policies. While the CAD maintains a positive correlation with the USD, factors like potential interest rate cuts from the Bank of Canada (BoC) could pose challenges for the currency. CIBC Capital Markets has adjusted their year-end forecast for the USD/CAD exchange rate, indicating expectations of USD strength against the CAD in 2024 but optimism for the CAD's performance in 2025 against other major currencies. Moreover, the CAD's correlation with oil prices and broader economic factors will continue to influence its exchange rate dynamics.

The USD to CAD exchange rate, currently hovering around 1.3539, is slightly above its 3-month average, indicating relative stability within a narrow range. Meanwhile, the OIL to USD price data shows oil trading near 90-day highs at around 87.50, a significant increase from its 3-month average, suggesting potential implications for the CAD given Canada's status as a major oil exporter. As global economic developments, commodity prices, and monetary policies evolve, FX analysts are closely monitoring these factors to gauge the future direction of the USD to CAD exchange rate.

 
@bestfxrates : USD maintains strength against CAD at 1.3539, supported by a robust US job market and the Fed's rate stance. CAD stays resilient but could face challenges if BoC cuts rates. Market view eyes USD/CAD amid oil's surge to $87.50 and global economic shifts. #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 =
1.3555We compare provider deals to this wholesale mid-market rate. Read more
CAD
-0.2%
📈3M
USD to CAD at 1.3539 is just above its 3-month average, having traded in a very stable 3.0% range from 1.3228 to 1.3626
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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
14 Mar 2024
1.3537
0% 2 Week
29 Dec 2023
1.3262
2.1% 3 Month
29 Mar 2023
1.3569
0.2% 1 Year
30 Mar 2019
1.3350
1.4% 5 Year
31 Mar 2014
1.1056
22.5% 10 Year
02 Apr 2004
1.3106
3.3% 20 Year
USD/CAD historic rates & change to 28-Mar-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