The Canadian dollar will gain ground against its U.S. counterpart over the comin...
TORONTO - The Canadian dollar will gain ground against its U.S. counterpart over the coming year, supported by strengthening of the domestic economy and a narrower gap between Canadian and U.S. interest rates, a Reuters poll predicted.
Scotiabank is pinning its forecast “on the fundamentals pulling through and from that perspective we do expect a modest appreciation in the CAD over the medium term,” said Shaun Osborne, chief currency strategist at the bank. “We think that the CAD is undervalued at these levels.” Still, the Canadian dollar and the Japanese yen have been the only G10 currencies to gain ground this year against the U.S. dollar, with the loonie up more than 2%.
The Bank of Canada has been concerned that trade conflicts are weighing more heavily on the global economy. But the central bank has shown no appetite for cutting interest rates despite easing this year by some global peers, including the Federal Reserve and the European Central Bank.
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