The Canadian dollar retreated to 1.26 per USD in the third week of April, not far from the 2-week high hit in the previous week, as traders weighed resurging coronavirus infections and new lockdowns in the country with upbeat labor market data, which supported expectations that the Bank of Canada would reduce quantitative easing purchases later this month. The Canadian economy added 303 thousand jobs in March, above market expectations of a 100 thousand rise, bringing employment to within 1.5% of its pre-pandemic levels. Oil prices, one of Canada’s major exports, rose above $60 per barrel on prospects of a strong rebound in the US as the rollout of vaccines picked up speed.
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 April of 2021.
The Canadian Dollar is expected to trade at 1.26 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.28 in 12 months time.