# Analysts cut Canadian dollar forecasts as recession risk looms

> A Reuters poll showed analysts cutting Canadian dollar forecasts as interest rate hikes threaten to push Canada into recession. The currency had weakened about 7% against the U.S. dollar since the start of 2022, reaching a two-year low of 1.3838 in early October.

- Date: 2022-10-06 · published 2022-10-06T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/39352-analysts-cut-canadian-dollar-forecasts-as-recession-risk-looms
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Weaker forecasts for the loonie reflect a stronger dollar outlook, which tends to pressure dollar-priced commodities. Recession risk also points to softer commodity demand.

## Read by commodity

- DXY: bullish ▲
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-06-01 | [Canadian Dollar falls despite solid jobs data as US NFP beat forecasts](https://feedsoft.ai/events/19480-canadian-dollar-falls-despite-solid-jobs-data-as-us-nfp-beat-forecasts.md) | +1.0% | +1.7% |
| DXY | 2024-01-30 | [Dollar gains as FOMC decision looms \| Convera](https://feedsoft.ai/events/32344-dollar-gains-as-fomc-decision-looms-convera.md) | +0.4% | +0.1% |
| DXY | 2024-11-14 | [Rising dollar and rain forecasts weigh on US wheat](https://feedsoft.ai/events/27444-rising-dollar-and-rain-forecasts-weigh-on-us-wheat.md) | -0.1% | -0.0% |
| DXY | 2025-09-25 | [US Dollar Forecast: DXY Rallies as Upward GDP Revision Limits Fed Cut Outlook \| FXEmpire](https://feedsoft.ai/events/23087-us-dollar-forecast-dxy-rallies-as-upward-gdp-revision-limits-fed-cut-outlook.md) | -0.0% | +0.7% |
| DXY | 2022-08-31 | [Forex: China, recession worries hammer the Australian dollar](https://feedsoft.ai/events/40293-forex-china-recession-worries-hammer-the-australian-dollar.md) | +0.9% | +3.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/analysts-cut-canadian-dollar-forecasts-recession-risk-looms-2022-10-06/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.