fbpx Skip to main content
Daily Updates

Canadian Dollar Surges on Strong July Inflation Data

By August 15, 2023No Comments

The Canadian dollar has gained about half a penny against the US dollar this morning after the release of inflation data that showed Canadian headline inflation accelerated to 3.3% in July, up from 2.8% in June.

The unexpected jump in the Canadian annualized inflation number has pushed the Canadian headline inflation above the American number for the first time in over two years, reigniting the debate about a potential interest rate hike by the Bank of Canada at its next meeting in September.

The US Dollar/Canadian Dollar pairing has attempted and failed to break through the 1.35 (CAD/USD 0.7407) level multiple times, suggesting that the USD/CAD pairing will likely remain within this range for the foreseeable future.

The Canadian dollar is currently trading at 1.3487 against the US Dollar.

Are you looking for a better exchange rate?

Get the best exchange rate

Receive daily updates on Canadian dollar

Account to Account Service at Interchange Currency Exchange

Account to Account

If you have US dollar bank account in Canada and are looking to convert in your bank account at better rates than offered by your bank, then this service is for you.

Cash transactions at Interchange Currency Exchange


We have exchange rates that are much better than the banks and we charge no fees.

Money Transfer services at Interchange Financial

Money Transfer

If you are transferring money internationally or receiving money from overseas, we can help you save money as well because of our better exchange rates.