Canadian Dollar Forecast: USD/CAD Ascending Channel Under Threat

Global economic growth in 2023 was stronger than many had forecast and projections for 2024 have been revised up. The IMF estimates global growth was 3.2% in 2023, outperforming its own projection of 2.9% as of April 2023 (measured on a Q4 over Q4 basis). The upward revision was in large part due to stronger than projected growth in the United States; in April 2023 the IMF projected U.S. growth in 2023 to be 1.0 percent while it came in at a robust 3.1 percent (Q4 over Q4 basis). Many emerging market and developing economies have fared better than expected thanks in part to improved terms of trade for some, proactive monetary policy, and a healthy build-up of external buffers. The IMF projects global growth to remain steady in 2024, before slowing slightly to 3.1% in 2025. The risks to the global economic outlook have become more balanced on net over the past year, though Russia’s war against Ukraine continues to weigh on the outlook after introducing volatility among critical commodity prices, which increased energy and food insecurity and exacerbated inflation. post: US TREASURY ADDS JAPAN TO FOREIGN EXCHANGE MONITORING LIST. post: MORE US TSY SEMIANNUAL FX RPT: CANNOT CURRENTLY ASSESS ANOMALIES IN CHINA'S FX DATA; FALL IN INVESTMENT ONCOME 'UNEXPECTED' #USFXrpt #China #exchange_rates #USTreasury post: TREASURY: JAPAN INTERVENED IN CURRENCY MARKET IN APRIL AND MAY 2024 TO BUY YEN, SELL DOLLARS, STRENGTHENING YEN'S VALUE