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FX Forecasts

Potentially Less Depreciation than Expected against the US Dollar for the Rest of the Year

November 24, 2022
  • October’s renewed market optimism is continuing, helping several currencies rebound against the US dollar.
  • We continue to believe that the recent wave of market optimism will be short-lived, and that the US dollar will rebound against several currencies. The worst of the economic impact of interest rate hikes is still to come. There’s also still considerable uncertainty about future inflation trends and central bank decisions.
  • However, we’ve raised our end of 2022 forecasts slightly for several foreign exchange rates. The Canadian dollar should end the year at around US$0.73.