Canadian Dollar Today: USD/CAD Rate, Daily Outlook & News

What's happening to the Canadian dollar today?

Canadian dollar news - The Canadian dollar (CAD) is extending its gains against the US dollar and other major currencies as firmer Canadian inflation strengthens expectations that the Bank of Canada may need to keep policy tighter. USD/CAD remains under downward pressure as the US dollar struggles for momentum, with markets increasingly expecting the Federal Reserve to hold rates next week. Attention now shifts to today’s US employment and housing data for the next test of USD strength.

• US employment data could shift USD direction: A stronger ADP employment reading could improve confidence in the US labour market and provide the dollar with some support, while weaker figures may extend USD/CAD declines.
• US housing data will test economic resilience: Housing starts, building permits and pending home sales will provide a broader view of US activity and could influence expectations for the Fed.
• BoC expectations could keep supporting CAD: Further evidence of persistent Canadian inflation would strengthen the case for keeping rates restrictive and could extend the loonie’s recent gains.

Where is the USD/CAD exchange rate trading today?

Canadian dollar today - Rate, outlook and daily drivers

As of October 20, 2026, USD/CAD is trading at 1.4040, representing a -0.50% shift in the last 24 hours. Today, the pair has traded within the 1.4032-1.4110 range.

What is the Canadian dollar worth today against USD and other currencies?

The Canadian dollar's worth today is approximately US$0.7123, €0.6341, £0.5319, ¥112.50, CHF0.5859 and A$1.0177. These are indicative market rates and may differ from the rate available when exchanging money.

Is the Canadian dollar up or down today against USD and other currencies?

The Canadian dollar is essentially unchanged against Indian rupee (-0.04%), New Zealand dollar (0.00%) and Swiss franc (+0.04%), gaining against the US dollar (+0.50%), euro (+0.31%), Japanese yen (+0.20%), Chinese yuan (+0.08%), Mexican peso (+0.83%) and Australian dollar (+0.19%) while losing ground against the British pound (-0.19%). CAD’s strongest move among the displayed crosses is against the Mexican peso, while its largest decline is against the British pound.

For a broader view of the currency moves and the events ahead, see our weekly Canadian dollar outlook.

Why is the USD/CAD rising or falling today?

USD/CAD is moving lower as broad Canadian dollar strength combines with subdued demand for the US dollar. Firmer Canadian inflation has increased expectations for a more restrictive Bank of Canada policy outlook, supporting the CAD to USD rate and helping the loonie outperform several major currencies. Meanwhile, the US dollar rate today remains under pressure as markets favour a Fed hold next week and wait for fresh US employment and housing data.

• CAD continues to outperform: The loonie is extending its gains against USD, EUR and GBP, reflecting broad demand for the Canadian currency.
• Canadian inflation supports the BoC outlook: Firmer price pressures have increased expectations that Canadian monetary policy may need to remain restrictive.
• Fed hold expectations weigh on USD: Markets are increasingly positioned for no rate change next week, limiting the dollar’s ability to regain momentum.
• US data is today’s main catalyst: ADP employment, housing starts, building permits and pending home sales could determine whether USD/CAD extends its decline or begins to stabilize.

Today's currency headlines

• USD: US dollar remains under pressure against majors as markets favour a Fed hold next week, with today’s ADP employment and housing data the next tests.
• CAD: Loonie extends its gains against USD, EUR and GBP as firmer inflation and increased BoC hike expectations reinforce the stronger domestic policy backdrop.
• EUR: Euro rebounds as unrest in France eases overnight, although today’s parliamentary vote on the 2027 budget keeps the fiscal and political risks in focus.
• GBP: Sterling strengthens after UK unemployment unexpectedly falls to 4.7% and wage growth improves, reinforcing expectations for a BoE rate hike in November.
• JPY: Yen surges as strong demand at a government bond auction combined with expectations of BoJ raising its inflation forecast keep another hike in play in 2026.
• AUD: Aussie holds firm as RBA Christopher Kent cautions against overreacting to one weak jobs report and stresses that persistent inflation remains a challenge.