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USD to CAD Forecasts

The weakness of the US dollar plus oil market volatility are affecting USD to CAD forecasts into 2021

If risk sentiment continues to improve, the CAD is well placed to extend recent gains. In the longer term, there is a perception Canada will enjoy a renewed close trade relationship with the US, with Biden as US President.

ING saw a tough reality check for CAD with the poor Canadian job numbers. The economy lost 213k jobs in January as unemployment rose from 8.6% to 9.4% and a significant setback after the loonies recent strength.

However, with signs that the oil rally is gaining momentum any upside on USD/CAD should be limited, they said.

 
USDCAD at 1.2509 has fallen 1.0% below its 90-day average, 1.2407-1.2849 range.
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USD to CAD Exchange Rates – Compare and Save

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 more about other CAD exchange rate forecasts here CAD Forecasts for 2021.

Canadian dollar in 2020

The CAD hit its highest level against the dollar in 2.5 years towards the end of 2020, driven by the Canadian employment report, which was stronger than expected sixth time in seven months in November. However, it was experiencing weakness against euro and pound.

What is a good USD to CAD exchange rate?

Whether the US dollar will rise or drop in the future versus the Canadian dollar 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.

USD/CADChangePeriod
1.2530
09 Apr 2021
0.2% ▼1 Week
1.2389
17 Mar 2021
1% ▲30 Days
1.2737
16 Jan 2021
1.8% ▼90 Days
1.4039
16 Apr 2020
10.9% ▼1 Year
1.2935
17 Apr 2016
3.3% ▼5 Years
0.9569
19 Apr 2011
30.7% ▲10 Years

USD/CAD 10 year historic rates & change to 16-Apr-2021 : 1.2509

   
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.