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Daily brief - Canadian dollar gains as oil rally offsets Fed pressure
Canadian dollar rate today is modestly firmer against USD and GBP, broadly steady versus EUR and AUD, and softer against JPY. Rallying oil prices following fresh Persian Gulf strikes are supporting the commodity-sensitive currency, although persistent trade uncertainty and hawkish Federal Reserve expectations are limiting its advance. Tomorrow’s Canadian and US manufacturing PMIs, particularly the US ISM report, provide the next major tests.
USD/CAD
Current Rate:
1.3860
Last updated:Aug 31, 2026, 12:23 p.m. ET
Actual Trading range
1.38561.3910
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Today's currency headlines
- USD: US dollar consolidates Fed-inspired gains as markets reassess the rate outlook, with upcoming manufacturing data providing the next directional test.
- CAD: Canadian dollar receives support from rallying oil after fresh Persian Gulf strikes, although broader trade uncertainty and hawkish Fed limit gains.
- EUR: Euro remains cautious ahead of German CPI, which could reinforce or challenge expectations for further European Central Bank tightening.
- GBP: Sterling trades slightly softer as limited UK catalysts leave it sensitive to USD strength, while rising oil reinforces inflation concerns.
- JPY: Yen remains subdued ahead of Japan’s manufacturing PMI as markets seek clearer evidence of economic resilience amid BoJ tightening expectations.
- AUD: Australian dollar holds firm as traders await housing data and manufacturing PMI for signals on domestic momentum and RBA policy expectations.
Canadian dollar (CAD) daily performance against major global currencies
Updated: Aug 31, 2026, 12:23 p.m. ET
The Canadian dollar is essentially unchanged against euro, gaining against the British pound, Japanese yen, Chinese yuan, Indian rupee, New Zealand dollar, Swiss franc and Australian dollar while losing ground against the none. CAD’s strongest move among the displayed crosses is against the US dollar, while its largest decline is against the Mexican peso.
USD / CAD
Current Rate
1.3860
Daily Change
-0.30%
EUR / CAD
Current Rate
1.6101
Daily Change
0.00%
GBP / CAD
Current Rate
1.8782
Daily Change
-0.19%
CAD / JPY
Current Rate
115.21
Daily Change
0.10%
CAD / CNY
Current Rate
4.8495
Daily Change
0.26%
CAD / MXN
Current Rate
12.27
Daily Change
-0.48%
CAD / INR
Current Rate
68.63
Daily Change
0.08%
NZD / CAD
Current Rate
0.8201
Daily Change
-0.22%
CAD / CHF
Current Rate
0.5831
Daily Change
0.23%
AUD / CAD
Current Rate
0.9935
Daily Change
-0.14%
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What is driving the Canadian dollar today?
Current Exchange Rate
Updated: Aug 31, 2026, 12:23 p.m. ET
USD/CAD Historical Exchange Rates
Daily change
−0.30%Weekly change
+0.17%Monthly change
−1.08%3 months change
+0.53%6 months change
+1.63%Yearly change
+0.90%We use mid-market rates. This is for informational purposes only.
As of August 31, 2026, USD/CAD is trading at 1.3860, representing a -0.30% shift in the last 24 hours. The pair is likely to trade within the 1.3856-1.3910 range.
USD/CAD is edging lower as the oil-driven recovery in CAD offsets a US dollar supported by hawkish Federal Reserve expectations. The US dollar rate today is consolidating its recent gains as markets reassess the likelihood of further Fed tightening.
Meanwhile, higher oil prices are improving the CAD to USD backdrop, although Canadian trade uncertainty is preventing a stronger loonie advance. Tomorrow’s Canadian and US manufacturing figures will provide the next relative-growth test.
- Oil supports the Canadian dollar: Renewed Persian Gulf strikes have raised supply concerns and lifted crude prices, strengthening demand for the commodity-sensitive CAD.
- Fed expectations underpin USD: Markets are reassessing the possibility of further tightening following Chair Warsh’s inflation-focused Jackson Hole remarks.
- Trade uncertainty limits CAD gains: Unresolved US-Canada tensions continue to present risks for Canadian exports, investment and business confidence.
- Manufacturing data provide the next test: Canadian and US S&P Global PMIs and the US ISM report could shift expectations for relative economic momentum.
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Upcoming USD/CAD economic events
Economic calendar as of Aug 31, 2026, 12:23 p.m. ET
With no major releases scheduled today, Friday’s weak Chicago PMI provides limited background as markets turn to tomorrow’s Canadian and US manufacturing PMIs, US ISM Manufacturing PMI and JOLTS job openings. These releases will test relative growth and US labour demand, potentially shaping Fed and BoC expectations and the next USD/CAD move.
EventImpact
S&P Global Manufacturing PMI (Aug)
Medium
S&P Global Manufacturing PMI (Aug, Final)
Medium
ISM Manufacturing PMI (Aug)
High
JOLTS Job Openings (Jul)
High
Economic calendar times are shown in ET. Event schedules and impact levels may change.
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Canadian dollar today against EUR, GBP & JPY
As of August 31, 2026
EUR/CAD news and daily outlook
EUR/CAD is caught between euro support from hawkish ECB expectations ahead of German inflation and CAD demand from higher oil. German CPI will determine whether EUR can overcome the loonie’s energy-linked support.
Current rate
1.6101 0.00%
Low1.6083
High1.6122
Trading Range1.6083-1.6122
GBP/CAD news and daily outlook
GBP/CAD is trading cautiously as limited UK catalysts leave sterling reliant on broader risk sentiment, while higher oil supports CAD. US-Canada trade tensions could limit CAD gains before tomorrow’s Canadian manufacturing PMI.
Current rate
1.8782 -0.19%
Low1.8773
High1.8831
Trading Range1.8773-1.8831
CAD/JPY news and daily outlook
Yen remains under pressure against CAD as hawkish Fed repricing reinforces its yield disadvantage, while higher oil supports the Canadian dollar. Japan’s final manufacturing PMI may offer direction, although BoJ tightening expectations could limit further yen weakness.
Current rate
115.21 0.10%
Low114.64
High115.31
Trading Range114.64-115.31
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FAQs
As of August 31, 2026, USD/CAD is trading at 1.3860, meaning one US Dollar buys approximately 1.3860 CAD.
The USD to CAD exchange rate is 1.3860. The pair opened at 1.3908 and has moved -0.30% today.
USD/CAD is down by -0.30% today, with short-term market sentiment currently bearish. A falling USD/CAD rate indicates a stronger Canadian dollar, while a rising rate indicates a weaker Canadian dollar.
The USD/CAD typically responds to Fed and BoC interest-rate expectations, oil prices and economic data. Today, the pair is down by -0.30%, with a bearish short-term bias.
Because the bank or any FX provider you are using applies a margin on the mid-market exchange rate that you see on Google.
USD/CAD has moved -1.08% over the past month and +1.01% year-to-date. It is currently trading below its 50-day moving average of 1.4000. Whether it is a suitable time to convert depends on which currency you hold, your payment deadline and your tolerance for further movement.
Compare the total CAD received after the exchange rate spread and transfer fees. Rate alerts, limit orders, staged transfers and specialist FX providers may also help you manage the timing and overall cost of the conversion.
Open or sign in to your account, request a USD-to-CAD quote, add the recipient’s Canadian banking details and fund the transfer in US dollars. The funds are converted into Canadian dollars before being deposited into the recipient’s account.
