# Has the Canadian dollar already reached its peak for the year? - RBC Economics

> RBC Economics argues the Canadian dollar's six-year high of 83 US cents in early June was likely the peak for 2021. It cites a more hawkish Federal Reserve shifting sentiment toward the U.S. dollar and fading commodity support for the loonie. The note also discusses the effects of a stronger currency on exporters and importers.

- Date: 2021-07-19 · published 2021-07-19T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/46273-has-the-canadian-dollar-already-reached-its-peak-for-the-year-rbc-economics
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of a firmer U.S. dollar and softer commodity-linked currencies can weigh on dollar-denominated commodity prices and shift export competitiveness for Canadian agricultural products.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-02-28 | [The latest Australian dollar sell-off is a red flag for the economy - ABC News](https://feedsoft.ai/events/26332-the-latest-australian-dollar-sell-off-is-a-red-flag-for-the-economy-abc-news.md) | -1.5% | -1.3% |
| DXY | 2018-04-24 | [Canadian dollar steadies near three-week low as U.S. 10-year yield hits 3 per cent - The Globe and Mail](https://feedsoft.ai/events/65742-canadian-dollar-steadies-near-three-week-low-as-u-s-10-year-yield-hits-3-per.md) | +0.4% | +2.5% |
| DXY | 2018-11-08 | [Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail](https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the.md) | +1.0% | +1.2% |
| DXY | 2022-10-06 | [Analysts cut Canadian dollar forecasts as recession risk looms](https://feedsoft.ai/events/39352-analysts-cut-canadian-dollar-forecasts-as-recession-risk-looms.md) | +0.7% | +1.0% |
| DXY | 2018-06-22 | [Dollar driven by rate outlook rather than trade fears \| Capital Economics](https://feedsoft.ai/events/64753-dollar-driven-by-rate-outlook-rather-than-trade-fears-capital-economics.md) | +0.2% | -0.3% |

## Sources

- rbc.com: https://www.rbc.com/en/economics/canadian-analysis/featured-analysis/insights/has-the-canadian-dollar-already-reached-its-peak-for-the-year/

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