Foreign Exchange Outlook
Currency	Exchange rate	2020				2021				2022
		Q1	Q2	Q3	Q4	Q1	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Exchange rate to U.S. dollar
Euro	USD per EUR	1.10	1.12	1.17	1.22	1.17	1.21	1.22	1.23	1.24	1.25	1.26	1.26
UK pound	USD per GBP	1.25	1.24	1.29	1.37	1.38	1.41	1.41	1.40	1.40	1.40	1.40	1.40
Japanese yen	JPY per USD	108	108	106	103	111	109	106	104	102	102	101	101
Chinese renminbi	CNY per USD	7.08	7.07	6.79	6.53	6.55	6.40	6.45	6.50	6.55	6.60	6.65	6.70
Exchange rate to Canadian dollar
U.S. dollar	USD per CAD	0.71	0.74	0.75	0.78	0.80	0.83	0.83	0.83	0.82	0.81	0.81	0.80
Euro	CAD per EUR	1.56	1.53	1.56	1.56	1.48	1.46	1.46	1.49	1.51	1.54	1.56	1.58
UK pound	CAD per GBP	1.76	1.68	1.72	1.74	1.73	1.71	1.69	1.69	1.71	1.72	1.74	1.75
Japanese yen	JPY per CAD	76.1	79.2	79.2	80.9	88.0	90.1	88.3	86.0	83.9	82.8	81.8	80.7
Chinese renminbi	CNY per CAD	5.01	5.20	5.10	5.12	5.21	5.29	5.37	5.37	5.37	5.37	5.36	5.36
F: Forecast by TD Economics as at June 2021. All forecasts are end-of-period.
Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics.