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January 16, 2018

FXPRIMUS, 2018 Currency Outlook on "CAD" - Will CAD continue its bullish rally for the year 2018?

Economy & Currency Outlook 2017 to 2018 – Canadian Dollar.

This article is originally referred from FXPrimus Special Report.

Following a prosperous 2017, BoC is likely to maintain its hawkish rate shift in 2018 as fundamental-based criteria support.

Despite the fact that raising exchange rates and wages drove investor sentiment in 2017, next year, downside risks due to NAFTA negotiations and fiscal policy effects, whether by the US or CA, may be in play.

Furthermore, considering the effects of the increasing US Shale production CAD could be worse supported by Oil.

On the contrary, OPEC’s extension of the production cut to 2018 end, an extension that has benefited the Canadian Dollar in 2017 (see figure above), could offer some support next year.

Given all the above, I believe Loonie will continue its bullish rally into 2018 against the US counterpart, although, in much weaker scale than 2017.

I expect that USDCAD will not hike above 1.3500 and that it will fall towards 1.185 – 1.192 levels by year end.

Original Source: FXPrimus Special Report

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