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Canadian dollar (CAD) forecasts for 2019

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Forecasts for the Canadian dollar change all the time, affected by news events and relative sentiment towards the Canadian economy. This continually updated article reviews CAD bank forecasts and popular cross-rate trends.

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Canadian dollar forecast

CAD in the markets

The Canadian dollar stormed ahead in the second half of June, rising to a 16-week high against the US dollar and to 8-month highs against the euro, pound, Australian and New Zealand dollars. Against the Aussie, a minimal additional increase would take CAD to a 9-year high.

Supporting the loonie was a 10 percent rise in the oil price (oil is among Canada’s most exported products but is volatile and can’t be relied upon), a large and welcome jump in inflation, and dovishness at major central banks of the world, including the Federal Reserve, ECB and RBA.

Any delay to Canadian ratification of the USMCA trade deal (already accepted by Mexico) is likely to depress sentiment on Canada’s currency.

CAD cross-rate trends & forecasts

CAD to USDCAD to GBPCAD to EURCAD to INR

CAD to USD

The Canadian economy is in “way better shape” than the Bank of Canada currently believes, analysts at Scotiabank said in May before labelling the loonie a “seriously” undervalued currency.

Experts at Citibank said in June that USD/CAD would likely fall to 1.30 within 6-12 months, from mid-month rates near 1.315, but they cited escalating global trade tensions as a major risk to this forecast.

CIBC is predicting USD/CAD at 1.36 at the end of 2019 but sees CAD weakness towards 1.40 sometime in 2020 (1.40 hasn’t been seen since early 2016).

CAD/USD – 6 month chart
PeriodChange*CAD/USDDate
7 Day-0.6%0.760205 Nov 2019
30 Day-0.3%0.757413 Oct 2019
3 Month+0.6%0.751214 Aug 2019
1 Year+0.1%0.755012 Nov 2018
5 Year-14.1%0.879913 Nov 2014
10 Year-20.5%0.950314 Nov 2009

*For period to 12-Nov 21UTC when CAD/USD was 0.7555

CAD to GBP

CAD/GBP – 6 month chart
PeriodChange*CAD/GBPDate
1 Day+0.1%0.587811 Nov 2019
7 Day-0.3%0.590205 Nov 2019
30 Day-2%0.600313 Oct 2019
3 Month-5.6%0.622914 Aug 2019
1 Year+0.2%0.587312 Nov 2018
5 Year+5%0.560213 Nov 2014
10 Year+3.2%0.569814 Nov 2009

*For period to 12-Nov 21UTC when CAD/GBP was 0.5882

CAD to EUR

CAD/EUR – 6 month chart
PeriodChange*CAD/EURDate
1 Day+0.3%0.684711 Nov 2019
7 Day0%0.686505 Nov 2019
30 Day0%0.686813 Oct 2019
3 Month+1.9%0.674114 Aug 2019
1 Year+2.1%0.672612 Nov 2018
5 Year-2.7%0.705313 Nov 2014
10 Year+7.5%0.638614 Nov 2009

*For period to 12-Nov 21UTC when CAD/EUR was 0.6866

CAD to INR

CAD/INR – 6 month chart
PeriodChange*CAD/INRDate
1 Day+0.4%54.077211 Nov 2019
7 Day+0.9%53.802005 Nov 2019
30 Day+1%53.719413 Oct 2019
3 Month+0.9%53.807914 Aug 2019
1 Year-1.4%55.063612 Nov 2018
5 Year+0.2%54.161313 Nov 2014
10 Year+23.3%44.004914 Nov 2009

*For period to 12-Nov 21UTC when CAD/INR was 54.2691

You can also read our full Foreign Exchange Guide to Canada.

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