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Daily brief - Canadian dollar slips as Fed expectations outweigh oil support
The Canadian dollar rate today is modestly weaker across most major currencies as firm US yields and expectations for a Federal Reserve rate increase outweigh support from elevated oil prices. CAD remains under pressure against USD and EUR while trading more narrowly against GBP, JPY and AUD. Today’s US retail sales, the Fed decision and the BoC Summary of Deliberations are the main catalysts.
USD/CAD
Current Rate:
1.3961
Last updated:Sep 16, 2026, 02:15 p.m. ET
Actual Trading range
1.39091.3961
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Today's currency headlines
- USD: US dollar holds firm before today’s Fed decision, with updated projections and Kevin Warsh’s guidance likely to determine the next directional move.
- CAD: Canadian dollar remains pressured as Fed-driven yield support outweighs high oil prices, leaving Fed-BoJ divergence firmly in market focus today.
- EUR: Euro remains steady ahead of the Fed, supported by recent ECB tightening but restrained by elevated energy costs and weak regional output.
- GBP: Sterling is unchanged after headline inflation rose to 3.1%, as steady core prices reinforce expectations for a Bank of England hold tomorrow.
- JPY: Yen remains subdued as high US yields dominate, despite firm expectations for a Bank of Japan interest rate increase at upcoming Friday’s meeting.
- AUD: Aussie dollar trades near recent lows as Fed expectations and cautious risk sentiment outweigh growing odds of another Reserve Bank rate increase.
Canadian dollar (CAD) daily performance against major global currencies
Updated: Sep 16, 2026, 02:15 p.m. ET
The Canadian dollar is essentially unchanged against euro, gaining against the Swiss franc while losing ground against the US dollar, Japanese yen, Mexican peso, Indian rupee, New Zealand dollar and Australian dollar. CAD’s strongest move among the displayed crosses is against the British pound, while its largest decline is against the Chinese yuan.
USD / CAD
Current Rate
1.3961
Daily Change
0.35%
EUR / CAD
Current Rate
1.6054
Daily Change
0.03%
GBP / CAD
Current Rate
1.8720
Daily Change
-0.10%
CAD / JPY
Current Rate
111.36
Daily Change
-0.07%
CAD / CNY
Current Rate
4.8061
Daily Change
-0.37%
CAD / MXN
Current Rate
12.30
Daily Change
-0.09%
CAD / INR
Current Rate
68.72
Daily Change
-0.34%
NZD / CAD
Current Rate
0.8013
Daily Change
0.09%
CAD / CHF
Current Rate
0.5885
Daily Change
0.06%
AUD / CAD
Current Rate
0.9929
Daily Change
0.12%
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What is driving the Canadian dollar today?
Current Exchange Rate
Updated: Sep 16, 2026, 02:15 p.m. ET
USD/CAD Historical Exchange Rates
Daily change
+0.35%Weekly change
+0.93%Monthly change
+0.64%3 months change
−0.24%6 months change
+2.01%Yearly change
+1.62%We use mid-market rates. This is for informational purposes only.
As of September 16, 2026, USD/CAD is trading at 1.3961, representing a 0.35% shift in the last 24 hours. The pair is likely to trade within the 1.3909-1.3961 range.
USD/CAD retains a modest upward bias as Fed tightening expectations and elevated US Treasury yields provide stronger support for USD than high oil prices provide for CAD. The US dollar rate today is firm before the Fed decision, although a quarter-point increase is largely reflected in current pricing.
The CAD to USD backdrop remains constrained as steady Canadian inflation has reduced the urgency for additional BoC tightening. US retail sales, the Fed’s projections and the BoC deliberations will determine whether the current interest-rate gap continues to favour USD.
- Fed guidance is the primary catalyst: Updated projections and Kevin Warsh’s press conference will determine whether markets expect additional rate increases after today’s anticipated move.
- US retail sales will test consumer resilience: Stronger spending could reinforce higher-for-longer rate expectations, while a weak result may limit USD demand before the Fed announcement.
- Elevated oil prices cushion CAD losses: Crude remains near four-month highs amid Middle East supply risks, although today’s pullback is reducing immediate support for the loonie.
- BoC deliberations may reshape the rate gap: The summary could clarify how policymakers are balancing stable inflation against trade uncertainty and slower domestic growth.
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Upcoming USD/CAD economic events
Economic calendar as of Sep 16, 2026, 02:15 p.m. ET
Today’s calendar features Canadian housing starts and building permits alongside US retail sales, offering fresh signals on construction and consumer demand. Focus then shifts to the BoC Summary of Deliberations, before the all-important Federal Reserve decision and FOMC press conference shape rate expectations and USD/CAD direction.
EventImpact
FOMC Press Conference
High
Philadelphia Fed Manufacturing Index (Sep)
Medium
Initial Jobless Claims
High
Housing Starts (Aug)
Medium
Building Permits (Aug)
Medium
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 September 16, 2026
EUR/CAD news and daily outlook
EUR/CAD is steady as the ECB’s recent rate increase supports the euro, while elevated oil prices cushion CAD. Today’s Fed decision and BoC deliberations could determine direction.
Current rate
1.6054 0.03%
Low1.6049
High1.6101
Trading Range1.6049-1.6101
GBP/CAD news and daily outlook
GBP/CAD holds firm after UK inflation rose to 3.1%, reinforcing expectations that the BoE will maintain restrictive policy. Canadian housing data and BoC guidance remain key risks.
Current rate
1.8720 -0.10%
Low1.8716
High1.8790
Trading Range1.8716-1.8790
CAD/JPY news and daily outlook
Yen is broadly steady against CAD as expectations of a BoJ rate increase offset Japan’s widening oil-driven trade deficit. Tomorrow’s BoJ decision is the primary catalyst.
Current rate
111.36 -0.07%
Low111.07
High111.61
Trading Range111.07-111.61
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FAQs
As of September 16, 2026, USD/CAD is trading at 1.3961, meaning one US Dollar buys approximately 1.3961 CAD.
The USD to CAD exchange rate is 1.3961. The pair opened at 1.3913 and has moved 0.35% today.
USD/CAD is up by 0.35% today, with short-term market sentiment currently bullish. 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 up by 0.35%, with a bullish 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 +0.64% over the past month and +1.74% year-to-date. It is currently trading above its 50-day moving average of 1.3900. 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.
