The median forecast of nearly 40 strategists that took part in a May 28-June 3 Reuters poll shows the USD/CAD pair is expected to rise to 1.22 over the next three months. In the previous poll, the median forecast was 1.24.
In one year, USD/CAD is expected to be at 1.2100, compared to 1.2400 in May’s poll.
The Bank of Canada’s tapering prospects and the performance of commodities are seen as likely factors that will continue to support the loonie in the remainder of the year and early 2022.
Market reaction
This report doesn’t seem to be having a significant impact on USD/CAD. As of writing, the pair was up 0.2% on the day at 1.2125.
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