The Canadian dollar weakened past the $1.32 mark, a level not seen since November 2020, as lingering concerns about slowing economic growth domestically and in the United States, Canada’s primary trade partner, continued to weigh. The market movement came despite another jumbo interest rate hike from the Bank of Canada, which raised the target for its overnight rate by 75bps to 3.25%, pushing borrowing costs to the highest since 2008.
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 September of 2022.
The Canadian Dollar is expected to trade at 1.33 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.38 in 12 months time.