VANCOUVER, BC, July 4, 2022 /PRNewswire/ -- In the face of many fears from the market due to accelerating inflation, recessionary concerns, etc., FX168 Financial Group invited elites and experts in the industry in various economics and investment fields to hold the Vancouver International Financial Summit (VIFS) 2022 at JW Marriot Parq Hotel on September 2 to 3. A number of investment experts will share with investors investment strategies in a stagnant and rising environment, the impact of the global supply chain crisis and hedging strategies, the interpretation of relevant economic data, and whether the Bank of Canada is entering a continuous interest rate hike channel. The summit is open to the general public free of charge (if registration is completed before August 1), allowing more people interested in the financial sector to discuss the next investment trends and opportunities with experts at close as well as facilitating the public understanding of correct and safe investment values.
The Canadian dollar rose strongly in the first half of this year amidst dramatic volatility, riding high among the major non-US currencies and second only to the US dollar among G10 currencies. As of July 1, USD/CAD rose 1.38% this year, hitting a high of 1.3078 and a low of 1.2402 during the year, and now trades slightly below the 1.29 handle.
(USD/CAD chart for the first half of this year, source: FX168)
The reasons for this are mainly attributed to the strong recovery of the Canadian economy from the pandemic, the hawkish stance of the Bank of Canada, rising oil prices and the strong economic performance of neighboring US. However, Canadian Imperial Bank of Commerce (CIBC) capital markets department also predicted in the middle of the year that the strength of the U.S. dollar has not yet ended, the Canadian dollar will shock down. Katherine Judge, an economist at the bank, said, "The Canadian dollar is likely to weaken further in 2023 as global growth slows, as interest rate hikes weigh on economic activity, which will depress commodity prices and weaken nominal exports from Canadian natural resource producers." The bank expects the Canadian dollar to begin depreciating significantly by early 2023.
While the USD's dominance is expected to continue, the Canadian dollar has proven that it is more closely tied to the U.S. dollar than other G10 currencies. Heading into the second half of the year, the Canadian dollar remains the second-best performing G10 currency in 2022, behind the top-ranked U.S. dollar.
For more information, please visit the event website at vifs2022.com, or email pr@fx168group.com for sponsorship.
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