The Canadian dollar strengthened past 1.4 per USD, recovering from the May-2020 low of 1.41 touched on November 15th, as hot inflation data tempered the magnitude of rate cuts by the Bank of Canada. The trimmed-mean core inflation rate, the BoC’s preferred measure of underlying inflation, rose to 2.6% in October from the three-year low of 2.4% in September, surpassing expectations. This followed resilient economic indicators, including lower-than-expected unemployment and strong PMI readings, which further dampened prospects for significant rate cuts. However, the loonie’s gains were capped by U.S. dollar strength driven by expectations of a less-dovish Fed, concerns over U.S. import sanctions affecting Canadian exports, and demand for safety amid escalating warfare in Ukraine.
The USDCAD decreased 0.0009 or 0.06% to 1.3976 on Friday November 22 from 1.3984 in the previous trading session. Historically, the USDCAD reached an all time high of 1.62 in January of 2002. Canadian Dollar - data, forecasts, historical chart - was last updated on November 23 of 2024.
The USDCAD decreased 0.0009 or 0.06% to 1.3976 on Friday November 22 from 1.3984 in the previous trading session. The Canadian Dollar is expected to trade at 1.40 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.42 in 12 months time.