The relative response to the coronavirus pandemic of Canada and the US plus oil market volatility are affecting the USD to CAD exchange rate in 2020.
The USD experienced a sell-off in early November as investors moved away from the safe haven of the dollar and into riskier assets, off the back of Biden winning the presidential election and the positive news of COVID-19 vaccine testing. Commodity currencies have enjoyed recent gains off the back of improved risk sentiment and CAD is no exception. The CAD has enjoyed its highest levels against the USD since March 2020. No other currency pair experienced such a dramatic swing since the election was called. Along with global equities, the CAD continues to increase with increased risk appetite. November Update
If risk sentiment continues to improve, the CAD is well placed to extend gains. The currency could bounce between 1.29-1.33 US cents as markets respond to fluctuations in risk trends. In the longer term, there is a perception Canada will enjoy a renewed close trade relationship with the US, with Biden as US President-elect.
Note that forecasts and predictions for the USD/CAD exchange rate change all the time, affected by news events and relative sentiment towards the Canadian and US economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coranavirus pandemic.
You can read about other USD exchange rate forecasts here USD Trends and Forecasts for 2020.
This is a difficult question and the answer really depends on many factors. The best way to consider the current USD-CAD relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
23 Nov 2020
|0.5% ▼||1 Week|
31 Oct 2020
|2.4% ▼||30 Days|
01 Sep 2020
|0.4% ▼||90 Days|
01 Dec 2019
|2.1% ▼||1 Year|
02 Dec 2015
|2.6% ▼||5 Years|
03 Dec 2010
|29.6% ▲||10 Years|
USD/CAD 10 year historic rates & change to 30-Nov-2020 : 1.3007