The Canadian dollar strengthened to an over 3-week high of 1.24 per USD at the end of July, amid a stronger risk appetite and higher oil prices after the Fed reassured its dovish stance, while the Bank of Canada remained committed to keep inflation controlled. On the data front, the annual inflation rate eased to 3.1% in June, from a 10-year high of 3.6% in the prior month and a preliminary estimate showed retail sales were expected to advance a monthly 4.4% in June.
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 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.