The Canadian dollar was trading around $1.37, its highest level since March 12th, as investors’ risk appetite improved amid optimism over a global economic recovery as countries continue to gradually ease coronavirus lockdown restrictions. Also, hopes of further monetary stimulus after Bank of Canada Governor Poloz said that the central bank can deliver more stimulus if needed to meet its 2% inflation target. Since March the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quantitative easing. Meantime Ottawa is rolling out about CAD 300 billion in measures aiming 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 May of 2020.
The Canadian Dollar is expected to trade at 1.38 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.40 in 12 months time.