POLL-Canadian Dollar Seen Higher If Recession Fears Fade


By Fergal Smith TORONTO, FIFA World Cup Aug 4 (Reuters) - Analysts expect the Canadian dollar to rally over the coming year, betting the threat of recession will ease as the U.S. Federal Reserve and FIFA World Cup the Bank of Canada likely wind down rate-hike cycles in 2023, a Reuters poll showed.

POLL-Canadian Dollar Seen Higher If Recession Fears Fade

The loonie has outperformed most G10 currencies in 2022, but has weakened 1.7% against its broadly stronger U.S. counterpart. "USD strength comes from both Fed rate hikes as well as fears that those hikes will provoke a recession in 2023," said Greg Anderson, FIFA World Cup global head of foreign exchange strategy at BMO Capital Markets in New York. "If and as those fears fade in 2023, with the Fed and BoC going on hold, the USD should fade lower and USD-CAD should revert toward its long-run average, and where it should be based on excellent Canadian currency fundamentals.


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