The Canadian dollar remained close to its highest level since May of 2018 at around $1.27, boosted by higher oil prices, a weaker dollar and a brighter economic outlook as Canada begins its Covid-19 vaccination campaign. Earlier in the month, the Bank of Canada left interest rates at a record low and kept asset purchases steady at $4 billion a week while reinforcing its commitment to provide the monetary policy stimulus needed to support the economic recovery. Meantime, Prime Minister Trudeau said that "until the virus is significantly more under control everywhere around the world, we're not going to be releasing the restrictions at the US border". However, the ban does not affect trade.
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 December of 2020.
The Canadian Dollar is expected to trade at 1.28 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.30 in 12 months time.