Since Feb. 1, when it was trading at 77 cents to the U.S. dollar, the Canadian dollar has been on a steady upward climb. For more than a month it has been hovering between 82 cents and 83 cents U.S., the best performance for Canada’s currency since April 2015.
By leapfrogging the U.S. Federal Reserve in terms of post-COVID optimism, the Bank of Canada signalled to the world that the country’s economic recovery is on firm footing, possibly firmer than that of our noisy neighbours to the south. That, too, makes the Canadian dollar attractive.is another factor. The greenback has been beaten black and blue since the beginning of the pandemic.
“I see a little bit of further upside for the currency over the next six and 12 months,” BMO Capital Markets chief economist Doug Porter told Global News. “I could see it getting potentially as high as 85 cents at some point in the next six months.”A stronger loonie isn’t necessarily a positive development for Canada’s COVID rebound.
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