Queen’s University economics professor Gregor Smith is available to talk about the Canadian dollar hitting a 20-month high today.
How high will the Canadian dollar go? Professor Smith says many experts will make predictions but research has shown that the performance of the dollar is unpredictable.
“Even though the value of the Canadian dollar has trended up towards parity, a wealth of research shows the changes are really unpredictable so we probably should be skeptical about thinking that we can forecast what happens next,” says Professor Smith. “Differences in the outlooks for interest rates in Canada and the U.S. are already reflected in the currency's value – which is another reason why we probably cannot forecast the value of the Canadian dollar.”
Professor Smith specializes in exchange rates and monetary policy, and has done consulting work with the Federal Reserve System, Bank of Canada and the International Monetary Fund.
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