Will the Canadian dollar get stronger in 2024?

The exchange rate of the Canadian dollar against the US dollar has been fluctuating within the range of C$1.34 to C$1.38 for a significant portion of 2024. This trend has persisted despite various economic factors influencing the global currency markets.

Recently, the Bank implemented a half-point rate cut, which subsequently led to the Canadian dollar surpassing the upper end of its previous range. This movement has attracted attention from market analysts and investors who are closely monitoring the currency's performance.

In response to this development, Reid has issued a cautionary note. He believes that the recent rate cut may result in heightened volatility for the Canadian dollar in the coming year. This prediction is based on the historical behavior of currencies following significant monetary policy changes.

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