Is USD to CAD going up or down?

As of January 23, 2026, the exchange rate for USD to CAD is 1.37689, denoting a -0.11% change. The pair is showing downward trend based on recent market activity and economic data.

What is the Canadian dollar worth today?

The value of the Canadian dollar today depends on how it’s performing against major global currencies. Based on the latest market levels, the USD/CAD pair is trading around 1.37689, giving a sense of how the loonie is positioned against the US dollar. Against the euro, EUR/CAD is hovering near 1.61662, while the British pound sits around 1.86233 on the GBP/CAD pair. For those watching the yen, the CAD/JPY rate is currently near 114.872, offering a snapshot of CAD strength in Asian markets.

What is the prediction of the Canadian dollar against the US dollar?

The USD/CAD exchange rate has moved, influenced by shifting interest rate expectations, economic data, and global market sentiment. You can track current and historical trends on the MTFX live rates and FX forecast pages.

Is now a good time to buy Canadian dollars?

The current USD to CAD exchange rate is 1.37689. If that's not your desired rate and you're looking to buy CAD, consider setting a USD/CAD currency rate alert through MTFX so you can receive notifications when the pair reaches your target rate.

What is the forecast for CAD to USD in 2025?

The CAD to USD exchange rate has shown a -0.11% daily change, reflecting ongoing movements in interest rates, economic data, and market sentiment. While forecasts vary, you can view the latest projections and trend analysis on the MTFX CAD forecast page.

Is the Canadian dollar worth more than the American dollar?

No, the Canadian dollar is not worth more than the American dollar. In most market conditions, 1 USD buys more than 1 CAD, meaning the US dollar holds the higher value. The USD/CAD exchange rate shows this difference day to day.

How is the CAD performing today?

Today, the Canadian dollar is demonstrating remarkable resilience, buoyed by robust economic indicators and favourable global market sentiments. As it nudges against major currencies, it presents an opportunity for those closely monitoring its movements. The currency's value reflects strengthened domestic economic growth and greater optimism about trade volumes. This resilience demonstrates Canada’s adaptability in volatile markets. Strategists are confident, recognizing the CAD's underlying momentum, sustained by healthy commodity prices and steadfast monetary policies. Consequently, the loonie is maintaining its strength internationally. Investors are witnessing positive trends and are keen on leveraging the Canadian dollar’s performance. The country’s fiscal policies remain supportive, boosting global economic confidence. Furthermore, the CAD's current trajectory suggests an expanded scope for future gains, allowing an optimistic outlook for stakeholders. Anticipated policy shifts in global markets may also favour the Canadian currency's position. In sum, today’s progress in CAD speaks volumes of its enduring competitiveness. Market players continue to watch the loonie’s path with an eye on long-term opportunities

Can I exchange USD for CAD?

Certainly, exchanging USD for CAD is a straightforward process managed effortlessly in Canada through various financial channels. Firstly, currency conversion is facilitated by banks, which remain one of the most reliable avenues for exchanging your USD for CAD. These institutions not only provide convenience but also offer competitive rates backed by comprehensive financial services. Additionally, major banks have branches and ATMs widely distributed across the country, enhancing your access to seamless currency exchange transactions. Furthermore, alternative financial services such as currency exchange booths and online platforms can often provide appealing rates or lower transaction fees compared to traditional bank setups. These facilities are especially beneficial when time is of the essence or when a more favourable exchange rate is sought after. Using these platforms provides a quick and efficient means to convert currencies with user-friendly interfaces and secure transaction protocols. Finally, whether exchanging money for travel, business, or investment, it is advisable to stay updated on current exchange rates, as this knowledge empowers consumers to make informed financial decisions. Embracing digital resources or visiting financial institutions directly can provide you with the latest insights and an optimal exchange experience.

What is the CAD exchange rate?

The Canadian dollar, an essential pillar of the nation's economic architecture, fluctuates in value against other major currencies based on myriad dynamic factors. These factors include commodity prices, global economic trends, and fiscal policies, each of which plays a critical role in shaping exchange rates. Focusing on commodities, Canada’s abundant natural resources, particularly oil, significantly influence the dollar's value. Changes in oil prices often trigger corresponding shifts in the currency's worth. Globally, the Canadian economy's interaction with significant currencies like the US dollar and the Euro further bolsters its performance. These interactions can pivot on trade balances, investment trends, and central bank actions. Domestically, the Bank of Canada’s policies are pivotal. Interest rate adjustments, policy announcements, and economic outlooks projected by the Bank significantly influence investor confidence and currency valuation. In light of such complexities, the exchange rate can be seen as a live barometer of the underlying economic health and future expectations surrounding Canada's economic position. Currency traders, investors, and policymakers all maintain a keen interest in the loonie’s movements given their broad implications. Ultimately, understanding these intricate relations equips businesses with strategies to mitigate risk while capitalizing on opportunities that exchange rate movements present. The currency's resilience is a testament to its ability to anchor Canada’s economic aspirations firmly on the global stage.

Can I use CAD for online purchases?

Leveraging the power of your Canadian dollars for online purchases offers a straightforward, seamless experience, as most Canadian online retailers readily accept CAD. This ease of transaction simplifies online shopping, ensuring that your financial dealings remain within familiar and advantageous parameters. For international transactions, however, it's important to recognize the potential for currency conversion. Many global platforms cater to Canadian consumers by offering CAD as an accepted currency, but it is crucial to verify this option during checkout. Utilizing CAD for online purchases can also provide a strategic advantage in managing currency risk, particularly when exchange rates are unfavourable or volatile. This stability allows consumers and businesses alike to optimize their financial strategies, avoiding unnecessary fees and fostering economic efficiency. The digital economy's spirited momentum means numerous platforms now offer multi-currency capabilities, expanding buying power and access worldwide. For businesses, this means expanding their horizons beyond commerce; for consumers, it means enjoying the burgeoning variety of products and services without currency barriers. In this evolving landscape, Canadian consumers are empowered to navigate and seize opportunities in the vast expanse of global online commerce, enhancing both their purchasing experiences and economic participation.

What affects the value of the Canadian dollar?

The value of the Canadian dollar reflects both domestic and international economic realities. Its fluctuations are guided by a tapestry of factors, from the vibrant pulse of global commodity markets to the nuanced shifts in monetary policy. Taking centre stage, the Canadian economy's heavy reliance on natural resources, notably oil, means that fluctuations in these market prices can have a dramatic impact on the dollar. When oil prices soar, the loonie tends to strengthen as Canada enjoys a surge in export revenues and an enhanced international economic standing. Moreover, economic policies crafted by the Bank of Canada significantly sway the dollar's trajectory. Changes in interest rates, for example, can alter investor behaviour, affecting capital inflows and outflows and thereby influencing currency value. The anticipation of policy directions often stirs market sentiment, reverberating across global forex markets. Additionally, global economic conditions extend their influence across borders. From economic growth rates in trading partner countries to geopolitical events that shake investor confidence, external trends cast a profound influence over the loonie’s valuation. Understanding these shifting dynamics enables stakeholders to navigate the currents of the international financial landscape effectively, ensuring the Canadian dollar remains resilient and competitive on the world stage.

Currency Updates

Forecast and Trends: Canadian Dollar Today

Understand global finance dynamics by tracking key players, like the euro, pound, and the Canadian dollar today, including monitoring the USD to CAD exchange rate, as they respond to the daily exchange rates, economic shifts, market sentiment, and international trade flows using a currency converter.

Get currency alerts delivered straight to your inbox.

Set an alert

Written by Ash Abbasi

January 23, 2026

Canadian Dollar News - CAD steady as higher crude, USD softness align

The exchange rate for USD/CAD is trading with a softer bias as the US dollar rate today remains under pressure, even after upbeat GDP data and easing US–EU trade tensions failed to revive sustained demand for the greenback. With sentiment still fragile, markets are now turning to upcoming flash PMI readings for clearer directional cues on US growth momentum and policy expectations. Meanwhile, the Canadian dollar rate today is retaking multi-week highs, supported by ongoing US dollar weakness and firmer crude prices that continue to act as a tailwind. As attention shifts toward upcoming retail sales data, the CAD to USD rateremain constructive, though the broader exchange rate is still likely to favour range-bound trading unless domestic data delivers a decisive surprise.

Today's Global Currency Highlights

A quick view of the CAD today against the USD and other major currencies.

USD: US dollar remains under bearish pressure despite upbeat GDP and easing US–EU tensions, markets now turning to flash PMI readings for fresh directional cues.
CAD: Loonie retakes multi-week highs on sustained USD weakness, while firmer crude prices continue to act as a tailwind ahead of upcoming retail sales data.
EUR: Euro slips from intraday highs as stronger-than-expected PMI figures fail to generate follow-through, Trump’s softer trade stance helps limit the downside.
GBP: Sterling jumps to fresh weekly highs after solid retail sales and flash PMIs, with a lighter data calendar next week shifting focus toward the BoE.
JPY: Yen remains in a downward spiral as sharp volatility fuels speculation of Tokyo intervention, while a hawkish Bank of Japan hike fails to spark a rebound.
AUD: Aussie dollar climbs to 15-month highs after GDP, and PMIs beat expectations, with a hawkish RBA tone and lingering USD softness adding support.

CAD Daily Performance Against Global Currencies

Pair	Rates	Daily	Ranges

Today's Economic Calendar

In today’s daily FX spotlight, attention turns to a busy economic calendar, with Canada’s retail sales and several key US releases topping the FX calendar. The Canadian data will be closely watched for signs of consumer resilience, which could influence near-term moves in the Canadian dollar today. A firm print may offer support to the loonie, while weaker spending could revive downside pressure. In the US, S&P Global manufacturing and services PMIs alongside Michigan consumer sentiment will help shape expectations around growth momentum and inflation risks, playing a key role in setting the tone for the US dollar today.

date	event	actual	consensus	previous

Latest events

Canadian Dollar Daily Outlook

The latest Canadian dollar news points to a cautiously constructive outlook, with the Canadian dollar rate today supported by firmer crude prices and ongoing US dollar weakness. Retail sales data will be key for confirming whether domestic demand is holding up, which could help sustain recent gains. However, with global risk sentiment and US data still driving broader FX flows, the Canadian dollar is likely to remain range-bound unless domestic data delivers a clear upside or downside surprise.

USD/CAD Daily Update

What’s the USD/CAD rate today?
On January 23, 2026, the USD/CAD pair is trading at 1.37689, representing a -0.11% move in the last 24 hours.

USD/CAD highlights

USD stays pressured despite solid GDP: The US dollar remains under bearish pressure even after upbeat GDP data, as easing US–EU tensions fail to spark a meaningful rebound.
Flash PMIs in focus for USD direction: Markets are now turning to upcoming flash PMI readings for fresh signals on growth momentum and near-term USD positioning.
CAD retakes multi-week highs on USD weakness: The loonie strengthens further as sustained US dollar softness continues to favour CAD positioning.
Crude prices support CAD ahead of retail sales: Firmer oil prices are acting as a tailwind, helping underpin the Canadian dollar as markets await key retail sales data.

Economic news impacting USD/CAD today

US S&P Global Manufacturing PMI
US S&P Global Services PMI
US Michigan Consumer Sentiment
Canada Retail Sales

Daily trading range

USD/CAD pair fluctuating within a recent 1.3650–1.3900 range and holding near the lower end of that band with a mildly softer bias.

Looking for the best USD/CAD exchange rate?

Convert CAD to USD

EUR/CAD Daily Update

What’s the EUR/CAD rate today?
On January 23, 2026, the EUR/CAD pair is trading at 1.61662, representing a -0.22% move in the last 24 hours.

EUR/CAD highlights

Euro slips as PMI boost fades: The euro eases from intraday highs after stronger-than-expected PMI data fails to generate sustained follow-through.
Profit-taking limits EUR upside: With much of the positive data already priced in, investors are locking in gains rather than extending bullish positions.
Softer trade tone caps EUR downside: Trump’s more measured stance on trade is helping limit downside pressure, keeping the euro broadly supported despite the pullback.

Economic news impacting EUR/CAD today

CFTC EUR speculative net positions

Daily trading range

EUR/CAD today is fluctuating within a recent 1.6050–1.6300 range and holding near the middle of that band with a neutral bias.

Save more on the EUR/CAD exchange rate.

Convert CAD to EUR

GBP/CAD Daily Update

What’s the GBP/CAD rate today?
On January 23, 2026, the GBP/CAD pair is trading at 1.86233, representing a 0.09% move in the last 24 hours.

GBP/CAD highlights

Sterling jumps on strong data prints: The pound climbs to fresh weekly highs after solid retail sales and upbeat flash PMI readings point to resilient economic momentum.
Data strength bolsters GBP sentiment: Stronger activity indicators are reinforcing confidence in the UK outlook, encouraging renewed demand for sterling in the near term.
BoE back in focus as data thins out: With a lighter UK data calendar next week, attention is shifting toward Bank of England guidance as the key driver for the next move in GBP.

Economic news impacting GBP/CAD today

CFTC GBP speculative net positions

Daily trading range

GBP/CAD is fluctuating within a recent 1.8500–1.8800 range and holding near the upper end of that band with a firm bias.

Don't overpay on CAD to GBP exchange rate.

Convert CAD to GBP

CAD/JPY Daily Update

What’s the CAD/JPY rate today?
On January 23, 2026, the CAD/JPY pair is trading at 114.872, representing a 0.03% move in the last 24 hours.

CAD/JPY highlights

Yen remains under heavy pressure: The yen stays locked in a downward spiral as elevated volatility continues to weigh on confidence and discourage dip-buying.
Intervention speculation rises in Tokyo: Sharp price swings are fuelling renewed speculation around possible Japanese intervention, helping slow but not reverse losses.
Hawkish BoJ move fails to lift JPY: Even after a more hawkish Bank of Japan rate hike, the yen has struggled to rebound, suggesting policy support alone is not enough to shift sentiment.

Economic news impacting CAD/JPY today

National CPI
CFTC JPY speculative net positions

Daily trading range

CAD/JPY today is fluctuating within a recent 113.50–116.00 range and holding near the upper end of that band with a firm bias.

Get bank-beating CAD to JPY exchange rates.

Convert CAD to JPY

Written by

Ash Abbasi

Director of Sales

Ash Abbasi is the Director of Sales at MTFX, specializing in corporate FX and cross-border payment solutions for Canadian businesses. With a background in sales leadership and account management across global markets, he helps clients optimize international transactions and manage currency risk. Ash holds a degree from Aston Business School and a postgraduate diploma from Humber College.

Useful links

FX Weekly Market Updates

CAD Monthly Currency Forecast

USD Monthly Forecast Report

CAD 5 Bank Forecast

Read our latest blogs

A panoramic view of Puerto Vallarta's coastline, featuring sandy beaches, the Pacific Ocean, and the city's vibrant buildings nestled between lush green hills.

Retire Overseas Mexico

Top 10 Places for Canadians Retiring in Mexico

FAQs - FX Daily