Economists at ANZ Bank expect the USD/CAD pair to move lower in 2024.
CAD to ease over the year against other commodity currencies
The Canadian Dollar could enjoy higher real yields for longer as well as a relatively solid economic backdrop in 2024.
On crosses, a weaker USD goes hand-in-hand with CAD underperformance on G10 crosses, especially against the AUD and NZD. Our forecast of a weaker USD amidst improving risk sentiment, may see the CAD ease over the year against other commodity currencies, like the AUD and NZD.
We see the USD/CAD at 1.28 by year’s end.
Source: https://www.fxstreet.com/news/usd-cad-to-slide-toward-128-by-end-2024-anz-202312271344