Sticky Registration Sticky Customer Support

Canadian Dollar Forecast, April 2021

USD/CAD Forecast
Bank Trend Last Month (March) Apr. 2021 (forecast) Q2 2021 (forecast) Q3 2021 (forecast) Q4 2021 (forecast)
CIBC 1.26 1.26 1.26 1.27 1.30
TD 1.26 1.25 1.25 1.24 1.23
BNS 1.26 1.27 1.26 1.26 1.23
RBC 1.26 1.26 1.26 1.27 1.28
BMO 1.26 1.27 1.26 1.25 1.25
Average 1.26 1.26 1.26 1.26 1.26

Summary

The loonie is one of only two major currencies to record a material appreciation against the USD since early March.  However, the enthusiasm around crude prices that drove those gains has since been tempered, combined with a USD that is now broadly back in favor with investors, CAD will likely remain steady into mid-year. With the third wave forcing fresh shutdowns across Canada, the economic performance gap to the US is set to be magnified in the coming months, as the US is miles ahead of Canada in terms of fiscal stimulus, vaccinations, and re-openings.

EUR/CAD Forecast
Bank Trend Last Month (March) Apr. 2021 (forecast) Q2 2021 (forecast) Q3 2021 (forecast) Q4 2021 (forecast)
CIBC 1.47 1.50 1.46 1.50 1.56
TD 1.47 1.51 1.52 1.52 1.53
BNS 1.47 1.56 1.58 1.55 1.55
RBC 1.47 1.54 1.46 1.46 1.48
BMO 1.47 1.50 1.46 1.47 1.48
Average 1.47 1.52 1.50 1.50 1.52

Summary

The first quarter witnessed the single currency depreciate by around 4% versus the USD. The extension of official lockdown measures across parts of the zone makes the ECB’s recovery assumptions look increasingly improbable. While the ECB will maintain an easy monetary stance, the fiscal backdrop relative to the US remains somewhat constrained. The EUR will struggle in the near term, but most expect a mild rebound into Q2.

GBP/CAD Forecast
Bank Trend Last Month (March) Apr. 2021 (forecast) Q2 2021 (forecast) Q3 2021 (forecast) Q4 2021 (forecast)
CIBC 1.73 1.73 1.74 1.79 1.85
TD 1.73 1.78 1.75 1.74 1.72
BNS 1.73 1.73 1.77 1.79 1.88
RBC 1.73 1.72 1.68 1.64 1.60
BMO 1.73 1.74 1.75 1.76 1.75
Average 1.73 1.74 1.74 1.74 1.76

Summary

GBP optimism surged during early Q1, as Sterling proved to be the top performing major versus the USD in the first two months of the year. Gains were predicated upon a rapid vaccination rollout, supporting expectations for a consumer led rebound in economic growth. With consumer activity likely to exceed what is generally anticipated, Sterling should hold its ground against most majors over the second quarter.

Currency Chart

Get access to our market experts and sign up to receive the latest updates on any currency with our real-time exchange rate reports.

Sign up to receive the latest market news from our experts.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.

FAQs

Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.