Canadian Dollar Suffers on Shock GDP Data

The outlook for the Canadian dollar remains decidedly negative following a worse-than-expected GDP reading from Canada.

Updated Canadian dollar forecasts from TD Securities have confirmed more losses may lie ahead for the Canadian dollar.

The Canadian dollar has suffered losses against the pound sterling since May – but we could be about to witness a pause in the weakness.

The Bank of Canada (BoC) has cut interest rates again allowing the pound sterling, US dollar and euro to rocket to new highs.

Policy on interest rates are heading in opposite directions on either side of the border - and this will pressure the Canadian dollar exchange rate complex lower.

Latest technical projections for the three main Canadian dollar crosses we follow.

The latest forecast on the Canadian dollar in 2015 from National Bank of Canada could see the USD/CAD at 1.30 being attained.

The Canadian Dollar is forecast to reach its weakest point against the US dollar towards the end of 2015.