ING economists expect USD/CAD to move below 1.30 by the end of the year.
Short-term headwinds for CAD remain significant
“Short-term headwinds for CAD remain significant, starting with US banking woes (Canada is relatively exposed), uncertain oil performance and risk volatility.”
“In line with our call for the USD decline to accelerate in the second half of the year and oil prices to be supported, we think USD/CAD can sustainably move below 1.30 until the end of 2023.”
Source: Refinitiv, Macrobond, ING