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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+0.2%0.752413 Sep 2019
30 Day+0.2%0.752521 Aug 2019
3 Month-0.3%0.755822 Jun 2019
1 Year-2.7%0.774620 Sep 2018
5 Year-17.4%0.912721 Sep 2014
10 Year-19.4%0.935922 Sep 2009

*For period to 20-Sep 21UTC when CAD/USD was 0.7539

CAD to GBP

CAD/GBP – 6 month chart
PeriodChange*CAD/GBPDate
1 Day+0.4%0.602219 Sep 2019
7 Day+0.5%0.601713 Sep 2019
30 Day-2.6%0.620421 Aug 2019
3 Month+1.9%0.593222 Jun 2019
1 Year+3.6%0.583720 Sep 2018
5 Year+8%0.559821 Sep 2014
10 Year+5.6%0.572222 Sep 2009

*For period to 20-Sep 21UTC when CAD/GBP was 0.6045

CAD to EUR

CAD/EUR – 6 month chart
PeriodChange*CAD/EURDate
1 Day+0.2%0.682819 Sep 2019
7 Day+1.2%0.676013 Sep 2019
30 Day+0.8%0.678521 Aug 2019
3 Month+3.1%0.663822 Jun 2019
1 Year+4%0.657820 Sep 2018
5 Year-3.8%0.711121 Sep 2014
10 Year+8.1%0.632722 Sep 2009

*For period to 20-Sep 21UTC when CAD/EUR was 0.6842

CAD to INR

CAD/INR – 6 month chart
PeriodChange*CAD/INRDate
1 Day-0.3%53.841619 Sep 2019
7 Day+0.4%53.445113 Sep 2019
30 Day-0.1%53.765921 Aug 2019
3 Month+2.1%52.588422 Jun 2019
1 Year-3.4%55.558920 Sep 2018
5 Year-3.3%55.538221 Sep 2014
10 Year+19.7%44.849522 Sep 2009

*For period to 20-Sep 21UTC when CAD/INR was 53.6854

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

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