USD/CAD seen reaching 1.34 by year-end – ANZ

Softer economic data weighed on the CAD over the latter part of Q3, but higher Oil prices and a resilient labour market saw it recover on most crosses, especially against the EUR and GBP. Economists at ANZ Bank analyze Loonie’s outlook.

CAD: Still room for upward momentum

Higher Oil prices should support the CAD on an intraday trading basis – especially against the currencies of energy importer countries, like the JPY, EUR and GBP. 

We see the USD/CAD pair reaching 1.34 by the year’s end.