The Canadian dollar may struggle in 2020 to top its stellar performance from this year. “The key risk is the BOC itself, which tends to talk more dovishly whenever CAD shows material strength," Jalinoos said, using the market abbreviation for the Canadian currency. The Canadian dollar was the best-performing major currency in 2019, notching a 5% gain against the greenback in a year that saw foreign-exchange volatility sink to record lows. The U.S. dollar on Tuesday fell for a fifth straight day against its Canadian counterpart dropping below C$1.30 for the first time in over a year. Still, Bannockburn Global Forex sees the Canadian dollar’s run largely stalling out, with a forecast of C$1.295 for the end of 2020.

Source: Mint January 01, 2020 04:41 UTC