Canadian Dollar Forecast

GBPCAD can extend higher over the coming days, aided by increasing expectations for Bank of Canada interest rate cuts and a falling U.S. Dollar.

Canadian Dollar weakness over the coming months is a high conviction view at Wells Fargo, the North American bank.

GBPCAD has recovered enough to invalidate the recent downtrend but it remains too soon to call an outright rally given the risks associated with this week's Bank of England decision and the next GDP figures from Canada.

In the coming week, the Canadian Dollar's main focus is the Bank of Canada (BoC) decision midweek, where the market favours an announcement for the policy rate to be maintained at 5.0%.

The Pound's upside momentum against the Canadian Dollar has stalled, leading an analyst at one of Canada's primary banks to warn a reversal could soon occur.

The Canadian Dollar is expected to undergo "more Weakness Before a Revival in 2024" according to economists at CIBC, one of Canada's largest lenders and investment banks.

GBPCAD's short-term rebound has been halted by a flareup in geopolitical tensions, although it is too soon to say the pair is about to return to lows around 1.6350.

Analysis from a leading Canadian bank says the British Pound and Euro can extend a recent short-term advance against the Canadian Dollar, although the outlook against the Dollar is a little murkier.

The Pound to Canadian Dollar exchange rate (GBPCAD) is looking to extend a short-term rebound in a week that will be dominated by the release of Canada's monthly labour market statistics.

The Pound to Canadian Dollar exchange rate's recent fall has been breathtaking in scale with the pair recording a run of 12 consecutive days of decline, but a breather should now be expected according to a new analysis.

GBPCAD has entered a downtrend that can be expected to advance over the coming weeks, but the next five days could see some consolidation as the daily chart is screaming of oversold conditions.

The Pound to Canadian Dollar exchange rate (GBPCAD) looks set for further declines according to a new analysis from Canadian bank Scotiabank, although short-term indicators suggest the pair might be reaching oversold conditions.

GBPCAD is about to break the 200-day moving average, opening the door to a determined downtrend.

The Canadian Dollar is a sell with strategists at CIBC Bank who note market positioning is unsupportive and incoming Canadian economic data is likely to disappoint.

GBPCAD has been edging lower through the August-September period and is now at a key support zone where failure could confirm the 2023 uptrend has likely ended.

The Bank of Canada forms the highlight of a busy week for domestic drivers of the Canadian Dollar and strategists at Goldman Sachs are positioning for tactical upside in the currency on a 'hawkish' outcome.

A shift in commodity market dynamics and "less pessimistic" sentiment amongst key investors leads analysts at Macro Hive to say the Canadian Dollar's prospects are turning more constructive.

Up, down and up again is how to describe the path of the Canadian Dollar over the coming days, weeks and months, according to the latest assessment from Bank of America.

The second half of 2023 is "unlikely to be as good as H1" for the Canadian Dollar, says a major Canadian bank.

New forecasts show a steady decline awaits the Canadian Dollar against the U.S. Dollar, Euro and British Pound.