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According to a recently conducted poll by Reuters, the median forecast of more than 30 strategists was for the USD/CAD pair to decline by 0.6% over the next three months to 1.2500 area.  

A potential decline in the Bank of Canada’s asset purchases and the strong growth in Canada’s domestic economy is expected to help the loonie continue to gather strength. The findings of the poll also showed that USD/CAD is expected to extend its slide to 1.2300 in one year, compared to 1.2500 in the previous poll.

Market reaction

USD/CAD showed no immediate reaction to this headline and was last seen rising 0.25% on the day at 1.2589.