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While exchanging currency, say from USD to CAD, it's an uphill task to save your hard-earned money on high bank fees. Usually, the bank charges around 2-3% of the amount you're exchanging besides levying some additional fees in different forms. Further, with the bank exchange rates swinging at an all-time high at this time due to a multitude of reasons, it has become a lot more important to review your current currency exchange preferences and choose the best. Today's most rewarding currency exchange company is Interchange Financial. It's a premier Canadian foreign exchange company with a reputation of offering the lowest USD to CAD exchange rate. With multiple other currency-related services on their platform, they are the right individuals to get in touch with. Furthermore, with their periodically updated consensus Canadian dollar forecast, you get a better insight into the latest projection of the Canadian dollar. Interchange Financials’ Consensus Canadian Dollar Forecast Interchange Financials’ Canadian dollar forecast is based on the forecasts by major global and Canadian banks & trading houses. These forecasts are based on a plethora of factors like the historical accuracy of the forecaster, among others. This periodic forecast depicts the short-term and long-term projection of the Canadian dollar which plays a vital role in the currency's valuation and exchange rates. Talking about the long-term forecast, it is based on the proprietary procedure for defining the consensus of major financial institutions on the value of the USD to CAD exchange rate forecast for the end of next year. That's why it's called the long-term forecast. The current Canadian dollar's long-term forecast is 1.260. On the other hand, the short-term forecast uses a proprietary procedure for defining the consensus of major financial institutions on the value of the USD to CAD exchange rate forecast by the end of the current quarter. The current Canadian dollar's short-term forecast is 1.230. Here's What is Driving The Value of the Canadian dollar against the US dollar! With the pandemic receding after hindering the economic growth for over a year, the V-shaped economic growth is restarting in Canada and a vital driving force behind the Canadian dollar's valuation. Besides this, the other factors in this direction are given below. ● The oil prices are on a roll in the post-pandemic times and if it continues to trade significantly higher than its lows in April last year, it'll act as a meaningful contributor to the Canadian economy and CAD. ● The higher strength and nature of the relative recovery in Canada relative to that in the US will give a further boost to the Canadian dollar. ● The steps taken by the Canadian government and the Bank of Canada in the form of a massive fiscal and monetary stimulus will stimulate a quick economic recovery and be positive for the Canadian dollar vs USD. So, these are some driving forces behind the rise of the Canadian dollar against the US dollar. The final takeaway! Currently, the USD to the CAD exchange rate is 1.229 or 1.23 which is exactly at par with Interchange Financials’ short-term forecast. This also illustrates how well the Canadian dollar will fare against the American dollar in the long run.