The Canadian dollar was little changed at 1.35 against the USD, having touched a ten-day low of $1.363 earlier in the session, after latest data showed Canada’s economy added a record 952,900 jobs in June, beating market expectations of a 700,000 rise as the easing of coronavirus restrictions allowed firms to resume operations and rehire. Still, investors remained concerned about increasing COVID-19 cases worldwide and the possibility of further lockdowns. Since March the Bank of Canada has cut its benchmark interest rate by 150 bps to an all-time low of 0.25% and started its first-ever foray into quantitative easing while Ottawa is rolling out more than CAD 170 billion of direct aid to support the economy.
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 July of 2020.
The Canadian Dollar is expected to trade at 1.36 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.38 in 12 months time.