USD/CAD: Possible test of the 1.50 level – BMO

The Canadian dollar buckled heavily last week, in part due to a broad surge in the U.S. dollar and, in part, due to desperately low oil prices, according to analysts at BMO Economics.

Key quotes

“We see the loonie remaining under pressure in the months ahead, with a possible test of the $1.50 level (or below 67 cents). 

“We look for the loonie to settle down along with other markets by the second half, but it will be challenged to get back above the 75-cent level even in 2021.”