USD/CAD rate is currently trading at 1.2615 (CAD to USD 0.792702) and is seeing very little movement due to light holiday trading activity. The Canadian dollar to US Dollar exchange rate is coming off of a strong week after the Bank of Canada announced a much-anticipated half point increase to its benchmark overnight rate last Wednesday, helping the Canadian Dollar reach its highest level since early April when it hit 1.2522. The Canadian Dollar gave up some of those gains towards the end of the week as Federal Reserve Officials in the US continued to hammer home the message that they will be aggressive in moving rates higher in an effort to bring down elevated consumer-price inflation.
Looking forward this week’s consumer price index report for March will be released on Wednesday and could potentially influence future Bank of Canada rate moves and therefore the Canadian dollar and USD Dollar exchange rate.
