Foreign Exchange Outlook
Currency	Exchange rate	2019				2020				2021
		Q1	Q2	Q3	Q4*	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Exchange rate to U.S. dollar
Euro	USD per EUR	1.12	1.14	1.09	1.11	1.09	1.09	1.10	1.11	1.12	1.13	1.14	1.15
UK pound	USD per GBP	1.30	1.27	1.23	1.33	1.31	1.30	1.30	1.31	1.32	1.33	1.34	1.35
Japanese yen	JPY per USD	111	108	108	110	108	107	107	106	106	105	105	104
Chinese renminbi	CNY per USD	6.71	6.87	7.15	6.99	6.95	6.90	6.85	6.80	6.80	6.80	6.80	6.80
Exchange rate to Canadian dollar
U.S. dollar	USD per CAD	0.75	0.76	0.76	0.76	0.75	0.75	0.75	0.76	0.76	0.77	0.77	0.77
Euro	CAD per EUR	1.50	1.49	1.44	1.47	1.45	1.46	1.46	1.47	1.47	1.47	1.48	1.50
UK pound	CAD per GBP	1.74	1.66	1.63	1.76	1.74	1.74	1.73	1.73	1.73	1.73	1.74	1.76
Japanese yen	JPY per CAD	82.8	82.4	81.6	83.3	81.2	79.9	80.1	80.3	80.5	80.8	80.4	80.2
Chinese renminbi	CNY per CAD	5.03	5.25	5.40	5.31	5.23	5.15	5.15	5.15	5.19	5.23	5.23	5.23
F: Forecast by TD Economics as at December 2019. All forecasts are end-of-period. Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics. * Spot rates as at December 16, 2019.