Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.Our experts have rated USDCAD Exchange Rate, Analysis & Forecasts across one key area of our review framework.
- Outlook3.0
Pros
- US rates outlook hawkish
- Commodity upswing may soften
- CAD economy underperforms against US
Cons
- CAD supported by firm commodity prices
- FX rate continues to range trade sideways (1.30-1.40)
- High interest rates (currently at 5%) may support CAD
See full expert review
Our verdict
USDCAD or "The Loonie" (because of a Loon on it's first coins) is the the exchange rate between the U.S. Dollar and the Canadian Dollar. When you trade is you are speculating on how many Canadian dollars are needed to buy one U.S. dollar. It is now a free floating currency, but up until 1970 is was pegged to the USD.
Why buy USD over CAD:
For many, CAD is a quasi-commodity play - since the country produces and exports a vast amount of commodities each year. As such, while the US dollar has strengthened against many currencies, against CAD the trend is more muted. Since mid-2021, the rate just rebounded from 1.20 to 1.36. The commodity upswing has not ended yet, thus lending support to CAD. 24/11/23
Is USDCAD a Buy, Sell or Hold?
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USDCAD Analysis & Guides
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