TORONTO (Reuters) - The outlook for the Canadian dollar has improved on expectations the currency will benefit from domestic economic stimulus and the rollout of a COVID-19 vaccine, a Reuters poll showed, with the loonie already gaining in recent months.
FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015.
REUTERS/Mark Blinch/File PhotoCanada’s dollar has strengthened 14% against its U.S. counterpart since March, reaching a two-year high on Thursday at 1.2848 per U.S. dollar, or 77.83 U.S. cents.
“We see several tailwinds for the Canadian dollar,” said Stephen Brown, senior Canada economist at Capital Economics.
Still, Harvey expects a high savings rate and strong vaccination orders, along with fiscal stimulus, to support economic recovery.
Mark Blinch, “, ”, Stephen Brown, Chrystia Freeland, Brown, Simon Harvey, Harvey
TORONTO, REUTERS, U.S, Capital Economics, Canadian Finance, Monex, Pfizer
Toronto, Canada, COVID, Monex Canada