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

What's happening to the Canadian dollar today?

The Canadian dollar (CAD) is weakening ahead of today’s Bank of Canada decision as markets anticipate a 25-basis-point rate hike and wait for updated guidance on inflation and the future policy path. The loonie is also facing pressure from a stronger US dollar, which remains near a two-week high ahead of the Federal Reserve decision. With both central banks announcing policy today, USD/CAD could see increased volatility as markets assess the outlook for rates in Canada and the US.

• The BoC decision could determine the next CAD move: A 25-basis-point hike accompanied by hawkish guidance could support the loonie and pull USD/CAD lower.
• The Bank’s inflation outlook will be important: Any indication that further tightening remains necessary could strengthen expectations for additional Canadian rate increases.
• The Fed decision could extend USD momentum: Keeping a possible December rate hike in play could support the dollar and push USD/CAD higher.

Where is the USD/CAD exchange rate trading today?

Canadian dollar today - Rate, outlook and daily drivers

As of October 28, 2026, USD/CAD is trading at 1.4036, representing a -0.11% shift in the last 24 hours. Today, the pair has traded within the 1.4026-1.4069 range.

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

The Canadian dollar's worth today is approximately US$0.7125, €0.6392, £0.5352, ¥112.70, CHF0.5906 and A$1.0120. 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 British pound (+0.01%), gaining against the US dollar (+0.11%), Japanese yen (+0.27%), Indian rupee (+0.29%), New Zealand dollar (+1.08%) and Swiss franc (+0.11%) while losing ground against the euro (-0.10%), Chinese yuan (-0.25%), Mexican peso (-0.63%) and Australian dollar (-0.15%). CAD’s strongest move among the displayed crosses is against the New Zealand dollar, while its largest decline is against the Mexican peso.

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 is trading higher as the Canadian dollar weakens ahead of the BoC decision while the US dollar remains near a two-week high. The US dollar rate today is supported by expectations that the Federal Reserve could leave the door open to another rate hike in December. Meanwhile, the CAD to USD rate is under pressure as markets wait to see whether an expected 25-basis-point BoC hike is accompanied by guidance pointing to further tightening.

• CAD weakens ahead of the BoC: Markets are focused on whether an expected 25-basis-point increase will be followed by additional tightening.
• BoC guidance remains crucial: The inflation outlook and policy statement could determine whether CAD recovers after the announcement.
• USD holds near a two-week high: The dollar remains supported as markets position ahead of the Federal Reserve decision.
• Fed guidance could drive USD/CAD: A signal that a December hike remains possible could extend USD strength and push the pair higher.

Today's currency headlines

• USD: US dollar holds near a two-week high as markets await today’s Federal Reserve decision, with rates expected to remain unchanged while a possible December hike stays in focus.
• CAD: Loonie weakens ahead of today’s Bank of Canada decision as markets anticipate a 25-basis-point rate hike, with the policy statement and inflation outlook likely to determine the next move.
• EUR: Euro remains close to its yearly lows as French fiscal concerns and higher energy costs weigh on sentiment, with Thursday’s ECB decision now the main policy focus.
• GBP: Sterling falls to a fresh two-week low as investors remain cautious ahead of today’s UK Budget, with borrowing, taxation and fiscal credibility dominating the outlook.
• JPY: Yen remains subdued near recent lows as higher oil prices increase import-cost concerns, while markets expect the BoJ to hold rates Friday but keep further tightening in play.
• AUD: Aussie strengthens to around a one-month high after Australian inflation rises to 4.3%, sharply increasing expectations for another RBA rate hike in November.