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Canadian Exporters Foresee More Gains for CAD

M. Ali 18 May, 2021 9:10 pm Forex Market, Market Update

The Canadian market is seeing increasing expectations that the Canadian Dollar (CAD) will maintain its recent against the U.S. Dollar (USD), which is prompting more exporters to adjust their currency hedges, according to a recent report by Bloomberg.

Since the beginning of 2021, the loonie gained about 6% against its U.S. counterpart, topping the performance of G10 currencies.

Today, the CAD reached its best level since 2015 with the USD/CAD pair trading at 1.2062.

Despite the challenge facing investors with a higher exchange rate for the local currency, some are expecting further appreciation.

The Canadian commodity price index rose to its highest level since 1972, recent data by the Bank of Canada (BoC) showed.

Rising crude oil prices are provided support for the CAD.

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