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

What's happening to the Canadian dollar today?

The Canadian dollar (CAD) is strengthening after the Bank of Canada raised interest rates by 25 basis points to 2.50% and indicated that further tightening may still be required. The decision has reinforced support for the loonie, although a firm US dollar is limiting the move in USD/CAD. The Federal Reserve held rates unchanged, with two policymakers favouring a hike, while today’s US GDP and PCE inflation data could provide the next catalyst for the pair.

• Further BoC tightening could support CAD: Continued concern about Canadian inflation would strengthen expectations for another rate increase and could push USD/CAD lower.
• US inflation data could shift Fed expectations: Stronger PCE inflation could increase expectations for a future Fed hike and support the US dollar.
• US GDP could influence the pair: Stronger economic growth may support USD, while weaker data could allow CAD to extend its post-BoC gains.

Where is the USD/CAD exchange rate trading today?

Canadian dollar today - Rate, outlook and daily drivers

As of October 29, 2026, USD/CAD is trading at 1.3978, representing a -0.13% shift in the last 24 hours. Today, the pair has traded within the 1.3965-1.4015 range.

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

The Canadian dollar's worth today is approximately US$0.7154, €0.6407, £0.5353, ¥112.94, CHF0.5910 and A$1.0173. 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 euro (-0.03%) and New Zealand dollar (0.00%), gaining against the US dollar (+0.13%), Japanese yen (+0.19%), Chinese yuan (+0.05%), Mexican peso (+1.22%), Indian rupee (+0.12%) and Australian dollar (+0.37%) while losing ground against the British pound (-0.22%) and Swiss franc (-0.11%). 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 USD/CAD rising or falling today?

USD/CAD remains under pressure as the Canadian dollar strengthens following the Bank of Canada’s 25-basis-point rate hike, although a firm US dollar is limiting the pair’s decline. The CAD to USD rate is benefiting from signals that further Canadian tightening may still be necessary. Meanwhile, the US dollar rate today remains supported after the Fed held rates unchanged and two policymakers favoured an increase.

• The BoC raises rates to 2.50%: The 25-basis-point increase strengthens the Canadian policy backdrop and supports CAD.
• Further Canadian tightening remains possible: BoC guidance suggests persistent inflation could require additional policy action.
• USD remains firm after the Fed: Two policymakers favouring a rate hike keeps tighter US policy expectations alive.
• US GDP and PCE are the next catalysts: Today’s growth and inflation data could determine whether USD/CAD extends lower or rebounds.

Today's currency headlines

• USD: US dollar remains firm after the Fed held rates unchanged, with two policymakers favouring a hike as markets await today’s GDP and PCE inflation data.
• CAD: Loonie strengthens after the Bank of Canada raises rates by 25 basis points to 2.50%, while signalling that further tightening may still be required.
• EUR: Euro remains under pressure ahead of today’s ECB decision, with rates expected to stay unchanged as markets focus on inflation risks and the December policy outlook.
• GBP: Sterling remains weak following the UK Budget as concerns over government borrowing and the broader fiscal outlook continue to limit demand for the pound.
• JPY: Yen remains subdued near 158 per dollar as markets await Friday’s Bank of Japan meeting, with rates expected to stay unchanged while future tightening remains in focus.
• AUD: Aussie remains supported around 0.703 after Australian inflation accelerates to 4.3%, sharply increasing expectations for another RBA rate hike in November.