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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

 

The recent movements in the USD to CAD exchange rate have been influenced by multiple factors affecting both currencies. The US Dollar (USD) has strengthened against the Canadian Dollar (CAD) due to upbeat economic indicators, notably the unexpected acceleration in US inflation and robust job market data. This has led to a rally in the USD, as markets now anticipate a delay in potential interest rate cuts by the Federal Reserve this year. Analysts are predicting further strength in the USD, with expectations of a rate reduction pushed back to June and a positive outlook for the US economy in 2025.

On the other hand, the Canadian Dollar (CAD) has been relatively uninspired by improving oil prices, which traditionally influence the commodity-sensitive currency. Despite the correlation between CAD and crude oil prices, the CAD has struggled to gain traction due to weak domestic data and changing central bank policies. CIBC Capital Markets has revised its year-end forecast for the USD/CAD exchange rate upward to 1.31, highlighting a potential further depreciation of the Canadian Dollar. However, there is cautious optimism for the CAD in 2025, supported by expectations of weaker US Dollar against other major currencies.

Given the current market dynamics and forecasts, the USD to CAD exchange rate is at 7-day highs near 1.3534, just 0.7% above its 3-month average. Meanwhile, the OIL to USD price is at 85.11, 5.8% above its 3-month average, reflecting volatility in oil prices that could continue to impact the Canadian Dollar's performance. As uncertainties persist regarding global economic growth and central bank policies, monitoring upcoming US and Canadian economic data releases will be crucial for predicting potential shifts in the USD to CAD exchange rate.

 
@bestfxrates : USD to CAD hits 7-day peak at 1.3534, up 0.7% from 3-mo avg. Upbeat US jobs & inflation delay Fed rate cut hopes, boosting USD. CAD lags despite oil rise; CIBC sees USD/CAD at 1.31 by year-end. Eyes on econ data as market views USD strength into '25. #USDCAD #ForexUpdate [March 15]

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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 =
1.3542We compare provider deals to this wholesale mid-market rate. Read more
CAD
-0.0%
📈1W
USD to CAD at 1.3534 is just 0.7% above its 3-month average of 1.3442, having traded in a very stable 3.0% range from 1.3200 to 1.3595
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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
04 Mar 2024
1.3576
0.3% 2 Week
19 Dec 2023
1.3338
1.5% 3 Month
19 Mar 2023
1.3714
1.3% 1 Year
20 Mar 2019
1.3291
1.8% 5 Year
21 Mar 2014
1.1227
20.5% 10 Year
23 Mar 2004
1.3326
1.6% 20 Year
USD/CAD historic rates & change to 18-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