FXStreet reports that economists at the National Bank of Canada see the USD/CAD trading at 1.20 by the third quarter. 

“We see more QE tapering coming before year end and the BoC’s first rate hike likely in October 2022, well before the first Fed rate hike expected in Q1 2023. With the Bank looking to move a bit ahead of the Fed and the BoC tapering progressing, we see our USD/CAD 1.20 forecast arriving one quarter earlier than scheduled, in Q3 2021.”