Banks See CAD Appreciation Through 2026, Trade Poses 'Clear' Risk -- Market Talk

Dow Jones

2025/11/14

1633 ET - The economics teams at two major Canadian banks expect the Canadian dollar to appreciate in 2026, with USDCAD reaching C$1.33 at the end of next year from its current C$1.40 level. BMO Capital Markets says the prospect of further Bank of Canada rate cuts has faded, and the Federal Reserve is likely to continue the easing cycle. BMO says CAD will still lag its advanced-economy peers, due to US trade-policy uncertainty. Its call for C$1.33 assumes the current USMCA trade treaty remains intact. Meanwhile, Bank of Nova Scotia says rate policy and "significant fiscal stimulus" will help backstop Canada's GDP growth, and also expects US/Canada rate spreads to narrow through 2026. Scotiabank adds trade-policy risks do pose "a clear and present danger" to its forecast. (paul.vieira@wsj.com; @paulvieira)

(END) Dow Jones Newswires

November 13, 2025 16:33 ET (21:33 GMT)

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","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6096":"消闲用品","BK6505":"周期性消费品与消费者服务","N0Z.SI":"联志国际"},"translate_title":"银行预计加元将在2026年之前升值，贸易构成“明显”风险——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"N0Z.SI":1.5},"content_text":"1633 ET - The economics teams at two major Canadian banks expect the Canadian dollar to appreciate in 2026, with USDCAD reaching C$1.33 at the end of next year from its current C$1.40 level. BMO Capital Markets says the prospect of further Bank of Canada rate cuts has faded, and the Federal Reserve is likely to continue the easing cycle. BMO says CAD will still lag its advanced-economy peers, due to US trade-policy uncertainty. Its call for C$1.33 assumes the current USMCA trade treaty remains intact. Meanwhile, Bank of Nova Scotia says rate policy and \"significant fiscal stimulus\" will help backstop Canada's GDP growth, and also expects US/Canada rate spreads to narrow through 2026. Scotiabank adds trade-policy risks do pose \"a clear and present danger\" to its forecast. (paul.vieira@wsj.com; @paulvieira) \n\n\n  (END) Dow Jones Newswires\n\n\n  November 13, 2025 16:33 ET (21:33 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}