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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



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
1 Day-0.18%0.767118 Jul 2019
1 Week-0.16%0.766912 Jul 2019
1 Month+1.62%0.753519 Jun 2019
6 Months+1.65%0.753320 Jan 2019
1 Year+1.54%0.754119 Jul 2018
5 Years-17.36%0.926520 Jul 2014
10 Years-15.33%0.904321 Jul 2009

*For period to 19-Jul 21UTC when CAD/USD was 0.7657


CAD/GBP – 6 month chart
1 Day+0.13%0.611618 Jul 2019
1 Week+0.39%0.610012 Jul 2019
1 Month+2.84%0.595519 Jun 2019
6 Months+4.49%0.586120 Jan 2019
1 Year+5.77%0.579019 Jul 2018
5 Years+12.18%0.545920 Jul 2014
10 Years+11.24%0.550521 Jul 2009

*For period to 19-Jul 21UTC when CAD/GBP was 0.6124


CAD/EUR – 6 month chart
1 Day+0.16%0.681218 Jul 2019
1 Week+0.37%0.679812 Jul 2019
1 Month+1.73%0.670719 Jun 2019
6 Months+2.94%0.662820 Jan 2019
1 Year+5.46%0.647019 Jul 2018
5 Years+0.1%0.681620 Jul 2014
10 Years+7.13%0.636921 Jul 2009

*For period to 19-Jul 21UTC when CAD/EUR was 0.6823


CAD/INR – 6 month chart
1 Day-0.09%52.824518 Jul 2019
1 Week+0.38%52.579112 Jul 2019
1 Month+0.62%52.453119 Jun 2019
6 Months-1.65%53.662920 Jan 2019
1 Year+1.51%51.990019 Jul 2018
5 Years-5.36%55.766720 Jul 2014
10 Years+20.71%43.722721 Jul 2009

*For period to 19-Jul 21UTC when CAD/INR was 52.7766

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

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