The Canadian dollar strengthened past 1.434 per USD, nearing the one-month high of 1.43 seen January 20th, amid a weaker U.S. dollar and improved risk sentiment. President Trump's call for immediate Federal Reserve rate cuts weighed on the dollar, pushing the DXY to its lowest in over a month. However, the loonie's gains remain constrained by ongoing tariff threats, including a proposed 25% hike on Canadian imports set for February 1st, which could further pressure the Bank of Canada to cut its benchmark interest rate by 25 basis points next week. Additionally, crude oil prices, a key driver for the commodity-linked loonie, extended their decline as Trump threatened tariffs on China, Canada, and Mexico, raising concerns about global economic growth and oil demand.
The USDCAD decreased 0.0035 or 0.24% to 1.4349 on Friday January 24 from 1.4384 in the previous trading session. Historically, the USDCAD reached an all time high of 1.62 in January of 2002. Canadian Dollar - data, forecasts, historical chart - was last updated on January 25 of 2025.
The USDCAD decreased 0.0035 or 0.24% to 1.4349 on Friday January 24 from 1.4384 in the previous trading session. The Canadian Dollar is expected to trade at 1.45 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.48 in 12 months time.