USD/CAD to slide toward 1.28 by end-2024 – ANZ

Economists at ANZ Bank expect the USD/CAD pair to move lower in 2024.

CAD to ease over the year against other commodity currencies

The Canadian Dollar could enjoy higher real yields for longer as well as a relatively solid economic backdrop in 2024.

On crosses, a weaker USD goes hand-in-hand with CAD underperformance on G10 crosses, especially against the AUD and NZD. Our forecast of a weaker USD amidst improving risk sentiment, may see the CAD ease over the year against other commodity currencies, like the AUD and NZD. 

We see the USD/CAD at 1.28 by year’s end.