Canadian Dollar Forecast

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.

GBP/CAD could find support near last week's low at 1.62.

Break of 1.6660 opens door to higher levels in GBP/CAD.

Bank of America says it holds a positive outlook on the Canadian Dollar in 2023 and is more bullish on the currency's prospects than implied by the consensus forecast.

NBC has released research showing the Canadian Dollar will be one of 2023's better-performing currencies amidst ongoing economic outperformance, while the Pound and Euro will continue to struggle.

The Pound to Canadian Dollar exchange rate entered the new week near to nine-month highs but could be likely to consolidate its recent gains around 1.65 in the days ahead unless the Loonie finds reason for further underperformance in Canada's latest inflation and economic growth numbers.

A leading Canadian lender and commercial bank says the Canadian Dollar will strengthen against the Pound and Euro over the duration of 2023, ensuring a recent trend of appreciation proves short-lived.

The Pound to Canadian Dollar exchange rate outlook has improved further in recent trade and Sterling could now have scope to reach some of its strongest levels since the end of the first quarter after establishing a foothold above the 1.57 handle last week, according to technical analysis from Scotiabank.

GBP/CAD technicals suggest further upside.

The Canadian Dollar is forecast to see further near-term weakness against the Pound, Dollar and Euro but a strong recovery through 2023 is predicted by NBC.

The Canadian Dollar fell to its lowest against the U.S. Dollar since July 2020 this week in another torrid period for risky assets but it could be in line for one of the most significant recoveries if and when the greenback tops out, according to updated BMO Capital Markets forecasts.

CAD is forecast to fall against the Pound from year-end through to the third quarter of 2023 as the economy enters recession, according to Desjardins Bank.