USDCAD @ 1.28482 – to tick down towards 1.27 by year-end – Scotiabank
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The Canadian dollar (CAD) remains the best-performing G10 currency – outside of the USD – so far this year. Economists at Scotiabank expect the USD/CAD pair to end the year trading around the 1.27 level.
“We have relented on our bullish prognosis for the CAD in H2 2022 and now look for USD/CAD to hold near current levels over the balance of the year (ending 2022 at 1.27).”
“We continue to believe that our underlying fundamental story – we are forecasting relatively higher growth and tighter monetary policy in Canada over the US this year and next as well as relatively firm commodity prices – merits a stronger CAD forecast, however.”
“We target USD/CAD declining to 1.23 into the end of 2023.”
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