FXStreet reports that analysts at CIBC Capital Markets project the USD/CAD pair trading at 1.35 by mid-year and a slight recovery for the Canadian dollar next year.

"We expect the Canadian dollar to return to its recent trough, with USD/CAD at 1.45 by mid-year."

"Longer-term, while we look for see modest strengthening in the loonie next year as the market looks ahead to better levels of global activity in 2022, assuming that we are seeing progress towards a vaccine, we still anticipate the need for a weaker C$ further out."

"Seeing the rotation away from consumption and housing and towards exports, should see USD/CAD push higher to 1.41 by the end of 2021."