POLL-Canadian dollar seen higher if recession fears fade
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By Fergal Smith
TORONTO, FIFA World Cup Aug 4 (Reuters) - Analysts expect the Canadian dollar to rally over the coming year, FIFA World Cup betting the threat of recession will ease as the U.S. Federal Reserve and the Bank of Canada likely wind down rate-hike cycles in 2023, a Reuters poll showed.
The loonie has outperformed most G10 currencies in 2022, FIFA World Cup but has weakened 1.7% against its broadly stronger U.S. counterpart.
"USD strength comes from both Fed rate hikes as well as fears that those hikes will provoke a recession in 2023," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.
"If and as those fears fade in 2023, with the Fed and BoC going on hold, the USD should fade lower and USD-CAD should revert toward its long-run average, and where it should be based on excellent Canadian currency fundamentals.
TORONTO, FIFA World Cup Aug 4 (Reuters) - Analysts expect the Canadian dollar to rally over the coming year, FIFA World Cup betting the threat of recession will ease as the U.S. Federal Reserve and the Bank of Canada likely wind down rate-hike cycles in 2023, a Reuters poll showed.
The loonie has outperformed most G10 currencies in 2022, FIFA World Cup but has weakened 1.7% against its broadly stronger U.S. counterpart.
"USD strength comes from both Fed rate hikes as well as fears that those hikes will provoke a recession in 2023," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.
"If and as those fears fade in 2023, with the Fed and BoC going on hold, the USD should fade lower and USD-CAD should revert toward its long-run average, and where it should be based on excellent Canadian currency fundamentals.
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