The outlook for the loonie in 2023 largely depends on commodity prices, how the U.S. dollar fares, and whether central banks are successful in avoiding a major recession, experts said.
The Canadian dollar recently rose to its highest level in more than two months against the U.S. dollar, which gained strength Friday after a stronger-than-expected jobs report.
Analysts at several major Canadian banks predict the U.S. dollar will be worth around $1.30 Canadian by the end of 2023, while it's currently closer to $1.33.
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