USD to CAD Forecasts
Volatile oil prices due to the Russian invasion of Ukraine have lead to large price movements for the Canadian Dollar in 2022.
Updated: Dec 01, 2022 
BER Research
BER Research Volatile oil prices due to the Russian invasion of Ukraine have lead to large price movements for the Canadian Dollar in 2022.
BER Research In December the loonie has steadied near its 90-day average around 0.74 relative to the greenback (1 USD = 1.34 CAD), this is down from the 0.77-0.79 range it had traded within all year until late August on inflation concerns.
| Date | USD/CAD | Change | Period |
|---|---|---|---|
18 Nov 2022 | 1.3416 | 0.5% ▲ | 2 Week |
03 Sep 2022 | 1.3127 | 2.7% ▲ | 3 Month |
02 Dec 2021 | 1.2819 | 5.2% ▲ | 1 Year |
03 Dec 2017 | 1.2719 | 6% ▲ | 5 Year |
04 Dec 2012 | 0.9931 | 35.8% ▲ | 10 Year |
07 Dec 2002 | 1.5618 | 13.7% ▼ | 20 Year |
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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 commodities prices due to the war in Ukraine.
Since the start of the Russia/Ukrainian war the risk on-off markets had been pushing the Canadian dollar rate up and down in a range around 0.7850 to the US dollar.
However from mid-September the loonie has weakened down from this range to around 0.73 relative to the greenback.
Economists expect the US dollar’s strength over the past year to reverse in 2023 as the Fed’s interest rate hikes cycle to an end.
A clear reflection of this is that the US Dollar index (measure of the USD strength against basket of currencies) which has pulled back from 20 year highs.
You can read more about CAD exchange rates here CAD Trends & Forecasts.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.