USD/CAD to move downward to 1.255 by year-end – BofA

Will USD/CAD eventually fall in 2023? Economists at Bank of America Global Research expect the pair to dive towards 1.25 by the end of the year.

USD/CAD Q1 forecast remains at 1.32 

“We maintain our downtrend USD/CAD forecast for the year despite the Bank of Canada rate hike pause.”

“We believe the Canadian Dollar will benefit from supportive equity factor, energy factor, and seasonality in the coming months.”

“We maintain our Q1 forecast of 1.32 and year-end forecast of 1.25 for the USD/CAD pair.”