fbpx Skip to main content
Daily Updates

The Canadian Dollar Surges as Bank of Canada Announces First Interest Rate Hike Since January

By June 7, 2023March 12th, 2024No Comments

The Canadian dollar is currently trading at 1.3365 (USD/CAD) or 0.74824 (CAD/USD) after reaching its strongest intraday level since May 8 at 1.3322 against the US Dollar.  The Canadian dollar benefitted from a trifecta of positive news on multiple fronts today.

Firstly, data showed that Canada’s exports accelerated by 2.5% in April, reaching record levels by volume. Secondly, oil prices inched higher by 1 percent. Finally, and most notably, the Bank of Canada raised its benchmark interest rate by 25 basis points to 4.75 percent. Analysts viewed the Bank of Canada’s accompanying statement as rather aggressive or ‘hawkish,’ indicating a prioritization of controlling inflation over stimulating economic growth. This suggests that the bank is likely to raise interest rates again in July and September resulting in a potentially a stronger Canadian dollar versus 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

Cash

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.