Foreign Exchange Outlook
Currency	Exchange rate	2020				2021				2022
		Q1	Q2	Q3	Q4F	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
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
Australian dollar	USD per AUD	0.61	0.69	0.72	0.74	0.74	0.74	0.73	0.73	0.73	0.73	0.73	0.73
NZ dollar	USD per NZD	0.60	0.65	0.66	0.70	0.71	0.71	0.70	0.69	0.67	0.67	0.67	0.67
Canadian dollar	CAD per USD	1.41	1.36	1.33	1.29	1.27	1.25	1.24	1.23	1.24	1.25	1.25	1.26
Swiss franc	CHF per USD	0.96	0.95	0.92	0.91	0.92	0.93	0.94	0.95	0.96	0.97	0.98	0.99
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
F: Forecast by TD Economics as at December 2020. All forecasts are end-of-period. Source: Bloomberg, Federal Reserve, TD Economics.