Canada's dollar will rally over the coming year as major commodity consumer China loosens its COVID-19 restrictions and the Federal Reserve potentially concludes its campaign to increase interest rates, a Reuters poll showed. The loonie has weakened over 7% against the U.S. dollar since the start of 2022, with almost all of the decline coming since mid-August. According to the median forecast of 35 currency analysts surveyed Dec. 1-6 the currency will rebound 1.1% to 1.35 per U.S. dollar, or 74.07 U.S. cents, in three months, compared with November's forecast of 1.36.
(Bloomberg) -- Canada’s dollar slumped Tuesday - at one stage falling by the most in more than a month -- even as major peers like the Australian and New Zealand dollars gained ground against the greenback. Most Read from BloombergScientists Revive 48,500-Year-Old ‘Zombie Virus’ Buried in IceBanks Stuck With $42 Billion Debt Seize Chance to Offload ItThese Are the Best and Worst Cities for Expats to Live and Work InThis Is Where Luxury Property Prices May Rise and Fall the Most in 2023Apple to L
The Canadian dollar weakened to its lowest level in nearly three weeks against its U.S. counterpart on Tuesday as data showed faster-than-expected GDP growth in the third quarter but a decline in domestic demand. Canada's economy grew at an annualized rate of 2.9% in the third quarter, above analysts' expectations, driven by exports and non-residential structures, Statistics Canada data showed. Final domestic demand fell 0.6%, while a preliminary estimate showed that October's GDP was unchanged after the economy grew by 0.1% in September compared to August.