The outlook for loonie in 2023 largely depends on commodity prices, how the U.S. dollar fares, and if major recession occurs, experts said.
Analysts at several major Canadian banks predict the loonie will be worth almost 77 cents US by the end of 2023, while it’s currently closer to 75 cents US.
“I see Canada in a weaker position to start the year than the US, both because of the commodities outlook and because I think the impact of higher interest rates is much more significant in Canada than it is in the U.S.,” Burkett said. The loonie held up relatively well against most of its international peers for most of last year, Greenberg said.
Meanwhile, the strong commodity prices that had bolstered the loonie earlier in 2023 started to weaken, he said.
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