The Canadian dollar steadied around 1.27 per USD, close to levels not seen since April of 2018, as investors digest prospects of further economic stimulus in the US, lower oil prices and concerns over rising coronavirus infections and the economic impact of lockdowns around the world. Meanwhile, the Bank of Canada left key rates at record low levels and pledged to continue supporting the economy with its QE programme of at least $4 billion per week during its January meeting. Policymakers also painted a brighter outlook for 2022 due to vaccine rollout, fiscal stimulus, stronger foreign demand and higher commodity prices.
Historically, the Canadian Dollar reached an all time high of 1.62 in January of 2002. Canadian Dollar - data, forecasts, historical chart - was last updated on February of 2021.
The Canadian Dollar is expected to trade at 1.28 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.30 in 12 months time.