The Canadian dollar traded higher around 1.31 against the USD, not far from a five-week high touched in the previous week as investors turned to riskier currencies on hopes of a further fiscal stimulus in the US. The currency was also supported by latest data from the Teranet-National Bank which showed Canadian home prices rose 1.1% over a month earlier in September, marking the second-biggest gain for a September month on record. On September 9th, the country’s central bank held its benchmark interest rate at the effective lower bound of 0.25%, and said that it will continue its quantitative easing program.
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 October of 2020.
The Canadian Dollar is expected to trade at 1.31 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.33 in 12 months time.