The Canadian dollar held near a 2-week high at 1.26 per USD in the beginning of March, amid an increase in oil prices and as concerns over the recent jump in bond yields faded. On the data front, the economy advanced an annualized 9.6% in Q4, beating market forecasts of 7.5%. Additionally, factory activity expanded at a faster pace in February, amid higher new orders, output, employment, and purchasing activity, while optimism reached a 5-month high. On the vaccination front, the AstraZeneca vaccine was approved at the end of February.
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 March of 2021.
The Canadian Dollar is expected to trade at 1.27 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.29 in 12 months time.