The Canadian dollar gained some ground to around 1.25 per USD in the third week of April, not far from the 2-week high hit in the previous week, amid a general greenback weakness and higher oil prices after OPEC and the International Energy Agency raised their 2021 global demand forecasts. Resurging coronavirus infections and new lockdowns in the country limited gains, while upbeat labor market data in the prior week supported expectations that the Bank of Canada would reduce quantitative easing purchases later this month. Looking ahead, traders await the release of the Federal budget and the central bank interest rate decision next week.
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 1.27 in 12 months time.