ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/CAD
CAD should strengthen modestly as oil prices remain supported and the BoC holds
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Oil price support
BoC near terminal
Trade policy risks lingering
Narrowing rate differential
All Firm Targets (Dec '26)
JPMModerately Bearish1.42
BARCModerately Bearish1.36
GSModerately Bullish1.35
BofAModerately Bearish1.35
INGModerately Bullish1.34
MSModerately Bullish1.34
MUFGModerately Bullish1.34
DBModerately Bullish1.32
Analysis Summary
CAD should strengthen modestly as oil prices remain supported and the BoC holds near terminal. USD/CAD to grind lower but gains limited by proximity to fair value and US trade policy uncertainty.