Money markets expect interest rate hikes by the BoC and the Fed to peak in the first half of next year.
tap here to see other videos from our teamThe price of oil, one of Canada’s major exports, has pulled back from its March peak but has still climbed 20% this year to above $90 a barrel. The last time oil was trading at such levels, in 2014, the Canadian dollar was around 1.10 per greenback.
Abbey Omodunbi, senior economist at PNC Financial Services Group, expects high energy prices to support Canada’s economy and the U.S. dollar to give back some recent gains as inflation likely cools later this year.“If there’s a U.S. recession or global economic recession, there will be an uptick in demand for safe-haven currencies, which will weigh on the CAD,” Omodunbi said.
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