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Canadian $ forecasts stay upbeat as analysts eye global recovery: Reuters poll

Analysts are sticking to their forecasts for a stronger Canadian dollar over the coming year, expecting an improved global economy and less central bank uncertainty that would boost the commodity-linked currency, a Reuters poll showed on Friday. The loonie has weakened about 8% since March 2022 as aggressive interest rate hikes by the Federal Reserve and other major central banks to tackle inflation cooled prospects for the global economy this year. According to the median forecast of more than 30 currency analysts in the March poll, the Canadian dollar will strengthen 1.5% to 1.34 per U.S. dollar, or 72.63 U.S. cents, in three months’ time, matching last month’s forecast.