# 2020-2022 Exchange Rate Forecasts: Pound-Dollar And Euro-Pound To Rise As USD Losses To Prevail

> CIBC forecasts that the US dollar will weaken against major currencies in 2021 because of its current account deficit and overvaluation. In the short term, it expects coronavirus risk aversion and weak oil prices to keep the Canadian dollar under pressure, with USD/CAD possibly reaching 1.45 by mid-year.

- Date: 2020-04-28 · published 2020-04-28T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/53874-2020-2022-exchange-rate-forecasts-pound-dollar-and-euro-pound-to-rise-as-usd
- 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 weaker Canadian dollar and softer oil prices can lower Canadian feed and energy costs, while a weaker dollar generally supports dollar-priced commodities.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-01-31 | [FED Disapointment Sees The US To Canadian Dollar Exchange Rate Slide](https://feedsoft.ai/events/73225-fed-disapointment-sees-the-us-to-canadian-dollar-exchange-rate-slide.md) | +0.7% | +2.6% |
| WTI | 2020-10-29 | [Euro Down after ECB, Oil Tumbles, Dollar and Yen Rise - ActionForex](https://feedsoft.ai/events/50842-euro-down-after-ecb-oil-tumbles-dollar-and-yen-rise-actionforex.md) | +4.6% | +22.3% |
| WTI | 2024-08-05 | [Dollar down as US rate cut bets rise, yen surges](https://feedsoft.ai/events/7431-dollar-down-as-us-rate-cut-bets-rise-yen-surges.md) | +4.4% | -0.4% |
| WTI | 2018-05-31 | [Oil Price Slides, Canadian Dollar Exchange Rates Side With It \| Exchange Rates UK](https://feedsoft.ai/events/65244-oil-price-slides-canadian-dollar-exchange-rates-side-with-it-exchange-rates-uk.md) | -5.1% | +11.1% |
| WTI | 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) | -8.9% | -16.5% |

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/29352/2020-2021-2022-exchange-rate-forecasts-pound-dollar-euro-pound-to-rise-as-usd-losses-to-prevail.html

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