The Canadian dollar held around 1.21 against the greenback in June, close to 2018 levels, following the Bank of Canada’s decision to leave interest rates and the pace of the quantitative easing program unchanged. Policymakers noted there still was excess capacity in the Canadian economy and that the recovery continued to require extraordinary support from monetary policies. The Canadian central bank was the first among advanced economies to slow the pace weekly of government bond purchases, now traders expect the next taper to come at the next monetary policy meeting on July 14th. Also, oil prices, one of Canada’s major exports, rose to $70.5 per barrel amid signs of strong fuel demand in western economies.
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 June of 2021.
The Canadian Dollar is expected to trade at 1.22 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.24 in 12 months time.