USD/CAD: Neutral, but not for long, expected to hit 1.31 by the end of the year — CIBC

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CIBC Capital Markets economists They see the loonie stuck in a neutral position in the first quarter, as markets are almost entirely on the lookout for action from the Bank of Canada and the Fed, before gaining ground over the remainder of 2023, as the dollar loses ground

USD/CAD will reach 1.28 in 2024

“With markets almost fully prepared for the Bank of Canada and the Federal Reserve for the rest of the first quarter, we expect the Loonie to remain neutral in the near term, with USD/CAD likely to end the quarter at 1.34.”

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“We expect USD/CAD to end the year at 1.31.”

“With global growth likely to get a boost as central banks outside of North America begin to normalize policy rates, and higher commodity prices benefiting Canada’s export sector, expect the USD /CAD reaches 1.28 in 2024.”

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Source: Fx Street

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