# USD/CAD to enjoy substantial gains towards 1.33 in early 2023 – CIBC — Octa

> CIBC weakened its USD/CAD forecast, expecting the pair to reach 1.31 by end-2022 and 1.33 in early 2023. The bank cited a Fed terminal rate above the Bank of Canada's and a likely global slowdown that would hit commodity prices.

- Date: 2022-06-28 · published 2022-06-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/41179-usd-cad-to-enjoy-substantial-gains-towards-1-33-in-early-2023-cibc-octa
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast of a weaker loonie and softer commodity prices in 2023 points to weaker resource-export income, a modest macro headwind for commodity prices.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-30 | [USD/CAD clings to modest gains, remains below 1.3700 mark post-Canadian GDP — Octa](https://feedsoft.ai/events/52861-usd-cad-clings-to-modest-gains-remains-below-1-3700-mark-post-canadian-gdp-octa.md) | +2.3% | +3.2% |
| WTI | 2020-07-30 | [USD/CAD jumps to weekly highs above 1.3450 on oil selloff — Octa](https://feedsoft.ai/events/52353-usd-cad-jumps-to-weekly-highs-above-1-3450-on-oil-selloff-octa.md) | +2.6% | +5.1% |
| WTI | 2020-03-27 | [Ringgit extends gains against US dollar in early session \| FMT](https://feedsoft.ai/events/54377-ringgit-extends-gains-against-us-dollar-in-early-session-fmt.md) | +37.1% | -32.8% |
| WTI | 2025-11-28 | [OPEC+ confirms plan to pause production hikes in early 2026 amid surplus concerns](https://feedsoft.ai/events/21874-opec-confirms-plan-to-pause-production-hikes-in-early-2026-amid-surplus-concerns.md) | +1.7% | -3.6% |
| WTI | 2021-08-31 | [USD/CAD hangs near two-week lows, below 1.2600 mark ahead of Canadian GDP — Octa](https://feedsoft.ai/events/45795-usd-cad-hangs-near-two-week-lows-below-1-2600-mark-ahead-of-canadian-gdp-octa.md) | -1.2% | +8.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/980070/

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