The March poll of 40 foreign exchange analysts shows that the median forecast was for USD/CAD to fall to 1.34 in three months' time. In a year's time, the pair is expected to fall to 1.30 - matching the estimate in the February poll. The expected drop comes as some analysts are forecasting a broader decline in the US dollar this year.
"The gradual decline in USD/CAD certainly in part reflects a slowing US economy and the Fed embarking on a rate cutting cycle. We also assume no hard landing and if risk remains broadly favourable this year that should also benefit CAD." — MUFG global markets EMEA head of research, Derek Halpenny
In case you missed it, Adam also had some insights on the loonie at the end of last month: Video: I've never been so bearish on the Canadian dollar