fbpx Skip to main content
Daily Updates

USD to CAD Update: Where is the Canadian dollar now and where is it going in the short term?

By June 21, 2021February 27th, 2024No Comments
The Bank of Canada tilted hawkish in its April statement and in doing so moved ahead of the US Federal Reserve in projecting a pullback in monetary stimulus.  The Canadian dollar then rallied for the next two months and it started last week about 3% higher than before the April statement.  Then this past Wednesday, the Fed finally took its own hawkish turn and within the span of 3 days, CAD gave up most of its gains against USD from the last couple of months.  During the rally, the loonie had also been helped by record equity prices and multi-year highs in oil prices.  The Fed’s move pushed those markets off their highs and further pressured the Canadian currency late last week.  This morning, the markets have stabilized a bit with oil down just slightly from Friday and stocks looking to open up after selling off on Friday.  As such, USD has lost some steam and CAD has regained 0.6%.  Where we are now is that Canadian dollar is at its highest level since late April but still a penny below where it was prior to the Bank of Canada rally.  While further USD to CAD volatility should be expected as the markets adopt to the new monetary conditions, in the very short term we think in the short term the loonie has found a level from which it will not diverge much.


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.