Foreign Exchange Outlook
Currency	Exchange rate	2018				2019				2020
		Q1	Q2	Q3	Q4	Q1*	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Canadian dollar	CAD per USD	1.29	1.31	1.29	1.36	1.33	1.33	1.33	1.33	1.33	1.32	1.32	1.31
Japanese yen	JPY per USD	106	111	113	110	111	109	108	107	106	105	105	104
Euro	USD per EUR	1.23	1.17	1.16	1.15	1.13	1.14	1.14	1.15	1.16	1.17	1.18	1.19
U.K. pound	USD per GBP	1.40	1.32	1.31	1.28	1.33	1.31	1.32	1.33	1.34	1.35	1.36	1.37
Swiss franc	CHF per USD	0.95	0.99	0.98	0.98	1.00	0.98	0.98	0.98	0.98	0.98	0.98	0.98
Australian dollar	USD per AUD	0.77	0.74	0.72	0.71	0.71	0.71	0.71	0.72	0.73	0.73	0.73	0.73
NZ dollar	USD per NZD	0.72	0.68	0.66	0.67	0.69	0.68	0.69	0.70	0.71	0.71	0.71	0.71
F: Forecast by TD Bank Group as at March 2019. All forecasts are end-of-period. Source: Bloomberg, Federal Reserve, TD Economics. * Spot rate as at March 13, 2019.