Canadian Dollar Forecast: What 7 Banks Published September 2026

Based on the latest reports from all seven banks in our comparison, the answer is yes. Every current forecast shows USD/CAD lower in Q4 2027 than in Q4 2026, which implies a stronger Canadian dollar over that period. The forecasts cluster between 1.33 and 1.37 by the end of 2027, although future exchange rates can change quickly as economic conditions evolve.

The seven current bank forecasts average 1.39 USD/CAD for Q4 2026. Forecasts range from 1.37 at the low end (Scotiabank, National Bank and CIBC) to 1.45 at the high end (RBC Capital Markets). The wide range shows how uncertain currency forecasting can be.

RBC Capital Markets currently has the highest Q4 2026 forecast at 1.45 USD/CAD. The lowest forecasts are 1.37, published by Scotiabank, National Bank and CIBC. The spread between the highest and lowest forecast is eight cents.

Across the seven current bank forecasts, USD/CAD is expected between 1.37 to 1.45 at the end of Q4 2026 and between 1.35 to 1.43 at the end of Q1 2027. The spread reflects disagreement about how long US interest rates stay above Canadian rates.

There is no reliable way to pick the best day. A common approach is to work back from the date you need the money, convert in two or three parts, and decide in advance on a rate you would accept. That limits how much one bad week can cost without relying on any forecast being right.

No two banks use exactly the same assumptions. Exchange-rate forecasts are influenced by interest rates, inflation, economic growth, oil prices, government policy and international trade. Small differences in those assumptions can lead to noticeably different forecasts.

A report is considered current if it was published within the last 90 days of the date shown on this page. If a report only provides a month and year, we use the first day of that month. All seven banks currently meet that requirement.

TD publishes forecasts as US dollars per Canadian dollar rather than Canadian dollars per US dollar. To make comparisons consistent, we convert TD's published figures using the reciprocal rate (1 divided by the published value) and round the result to two decimal places. The figures are marked conv. to show they were converted.

BMO's forecast reports provide the average exchange rate during a period rather than the exchange rate at the end of the period. For Q4 2026, we use BMO's December average. Most other banks publish quarter-end forecasts instead.

The banks in our comparison do not publish NZD/CAD forecasts directly. When a bank publishes both NZD/USD and USD/CAD forecasts, we calculate NZD/CAD by combining those figures. Calculated values are labelled calc. for transparency.

We review every source on business days. When a bank releases a new forecast report, the figures are checked, verified and updated. Each forecast on this page includes the date of the source document so readers can see exactly how current the information is.

Bank forecasts are informed opinions, not guarantees. Even professional currency strategists regularly revise their forecasts as interest rates, economic data, commodity prices and trade policy change. Forecasts are best used as a planning tool rather than a prediction of what will definitely happen. For the end of 2025, the seven banks' last forecasts before year-end ranged from 1.37 to 1.40; the Bank of Canada rate on December 31, 2025 was 1.3706, an average miss of about 2 cents. This page also records each month's range beside the Bank of Canada rate, so you can see how the calls change over time.