The Canadian dollar, this year's top-performing G10 currency, is expected to strengthen further over the coming 12 months, supported by higher oil prices and the Bank of Canada's recent shift to a more hawkish stance.
Breaking News, Latest News and Current News from OANN.com. Breaking news and video. Latest Current News: U.S., World, Entertainment, Health, Business, Technology, Politics, Sports.
There is less room for the Canadian dollar to gain ground over the coming year as analysts expect the prospect of slower global economic growth and accelerating inflation to undermine support from higher oil prices.
Fergal Smith
3 minute read
A Canadian dollar coin, commonly known as the Loonie , is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/File Photo
Summary
reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=CAD= poll data
TORONTO, July 1 (Reuters) - Canada s dollar will strengthen over the coming year, bolstered by higher oil prices and reduced stimulus from the Bank of Canada, but gains could stop short of the currency s recent six-year high, a Reuters poll showed.
The loonie has pulled back 3.2% since last month touching its strongest level since May 2015 near 1.20 per U.S. dollar, or 83.33 U.S. cents, pressured by the Federal Reserve s surprise shift to more hawkish guidance and worries the spreading Delta variant of the COVID-19 virus could slow a global economic recovery.