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    Will the Loonie take flight in 2023

    Economists are predicting that the Canadian dollar could rise this year.

    Feb 3, 2023 (Upd: Feb 6, 2024)  
     

     
    Economists are predicting the Canadian dollar to perform better than the US dollar in 2023, but the full impact will be delayed until the domestic and global economies stabilize after central banks dramatically increased interest rates in 2022.

    That said, the Loonie has had a mixed performance against popular currencies last year.

    The below list shows the relative performance of CAD against the top 20 most trade currencies over the last 12 months. We can see that CAD has increased the most against the Norwegian krone (9.5%), followed by the Swedish krona (8.2%) and South African rand (6.6%). The value of CAD has decreased the most against the Mexican peso (-13%), followed by the Singapore dollar (-7.4%) and Swiss franc (-5.7%).
     

    Canadian dollar – 1 year performance vs top 20
    Norwegian krone – NOK
    Swedish krona – SEK
    South African rand – ZAR
    Japanese yen – JPY
    British pound – GBP
    Indian rupee – INR
    Polish zloty – PLN
    New Taiwan dollar – TWD
    Chinese yuan – CNY
    Danish krone – DKK
    Euro – EUR
    New Zealand dollar – NZD
    South Korean won – KRW
    Australian dollar – AUD
    Hong Kong dollar – HKD
    US dollar – USD
    Thai baht – THB
    Swiss franc – CHF
    Singapore dollar – SGD
    Mexican peso – MXN
    2022-02-03 to 2023-02-03
     

    Forecasts for CAD in 2023

    The Bank of Canada is not expected to cut interest rates any more aggressively than the US Federal Reserve, which should relatively help the Canadian dollar.

    The end of the US dollar’s dominance in global currency markets may also help the Canadian dollar.

    Markets are currently the most bearish on the CAD since the Covid recession. A change of heart would certainly provide the impetus for the Loonie to appreciate.

    Most forecasters expect the CAD to outperform the USD in 2023.

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    It’s always hard to predict exchange rates including forecasting the CAD dollar, most would say impossible! But there is no need to pay more than you have to when sending or spending abroad.

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    Will the Loonie take flight in 2023 posted under: Guides News  

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors or users should not be taken as a reference to buy or sell any financial product.