Foreign Exchange Outlook | |||||||||||||
Currency | Exchange rate | 2020 | 2021 | 2022 | |||||||||
Q1 | Q2 | Q3 | Q4F | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | ||
Exchange rate to U.S. dollar | |||||||||||||
Euro | USD per EUR | 1.10 | 1.12 | 1.17 | 1.20 | 1.20 | 1.21 | 1.22 | 1.24 | 1.25 | 1.26 | 1.26 | 1.26 |
UK pound | USD per GBP | 1.25 | 1.24 | 1.29 | 1.31 | 1.32 | 1.32 | 1.33 | 1.34 | 1.34 | 1.35 | 1.36 | 1.36 |
Japanese yen | JPY per USD | 108 | 108 | 106 | 103 | 104 | 104 | 103 | 103 | 102 | 102 | 101 | 101 |
Chinese renminbi | CNY per USD | 7.08 | 7.07 | 6.79 | 6.55 | 6.60 | 6.65 | 6.70 | 6.75 | 6.80 | 6.80 | 6.80 | 6.80 |
Exchange rate to Canadian dollar | |||||||||||||
U.S. dollar | USD per CAD | 0.71 | 0.74 | 0.75 | 0.78 | 0.79 | 0.80 | 0.81 | 0.81 | 0.81 | 0.80 | 0.80 | 0.79 |
Euro | CAD per EUR | 1.56 | 1.53 | 1.56 | 1.55 | 1.53 | 1.52 | 1.52 | 1.53 | 1.55 | 1.56 | 1.58 | 1.59 |
UK pound | CAD per GBP | 1.76 | 1.68 | 1.72 | 1.69 | 1.67 | 1.66 | 1.65 | 1.65 | 1.67 | 1.68 | 1.70 | 1.72 |
Japanese yen | JPY per CAD | 76.1 | 79.2 | 79.2 | 79.8 | 81.4 | 83.0 | 83.4 | 83.4 | 82.6 | 81.8 | 80.9 | 80.1 |
Chinese renminbi | CNY per CAD | 5.01 | 5.20 | 5.10 | 5.08 | 5.19 | 5.31 | 5.40 | 5.47 | 5.48 | 5.45 | 5.43 | 5.40 |
F: Forecast by TD Economics as at
December 2020. All forecasts are end-of-period. Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics. |