Canadian Dollar Forecast

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.

The Canadian dollar can continue its recovery against the Pound and U.S. Dollar according to new research from global investment bank Commerzbank, which also shows a more determined advance against the Euro for 2024.

The Canadian Dollar is one of the better-performing of the major currencies of the past six weeks, but economists at a global investment bank say the currency will likely struggle over the remainder of 2023.

The Canadian Dollar's path of least resistance is to go higher according to Toronto Dominion Bank (TD).

The Canadian Dollar should trend stronger against the Euro and British Pound into year-end while remaining range-bound against the U.S. Dollar as Canada benefits from a strong banking sector and elevated immigration.

GBP/CAD is running at levels far ahead of where it should be according to new research from a prominent Canadian bank.

The Canadian Dollar can strengthen in the short- and medium-term say foreign exchange analysts at Bank of America as they eye a 'hawkish' hold by the Bank of Canada midweek.

The Canadian dollar got a boost as oil prices jumped some 8% or so at the Asian open after the OPEC+ blindsided the market with a surprise production cut, announced at the weekend.

"In terms of alpha-generation – we like being short GBP/CAD from here" - CIBC.

"USD/CAD could be heading to 1.40" - City Index.