- Analytics
- News and Tools
- Market News
- USDCAD could decline to the 1.25 level towards the end of 2023 – ING
USDCAD could decline to the 1.25 level towards the end of 2023 – ING
In 2023, the Canadian Dollar may emerge as a more attractive pro-cyclical bet. Economists at ING believe that the USDCAD pair could plunge to the 1.25 level.
Overall commodity picture should prove rather supportive for the CAD in 2023
“We expect Brent to average slightly above $100/bbl next year, and Western Canadian Select around $85/bbl. Along with our expectations for higher gas prices, the overall commodity picture should prove rather supportive for the CAD in 2023.”
“In our base-case scenario, where global risk sentiment gradually recovers but two major risk-off forces – Ukraine/Europe and China – remain, CAD would be in an advantageous position, since Canada has much more limited direct exposure to China and Europe compared to other commodity exporting economies.”
“Accepting the downside risks stemming from the housing market and/or a further deterioration in risk sentiment, we see room for a descent in USDCAD to the 1.25 level towards the end of 2023.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
