Forecast and Trends: Canadian Dollar Today
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The US dollar rate today is holding onto its Fed-driven gains in early trade as investors look ahead to the Philly Fed manufacturing index and existing home sales data. Meanwhile, the Canadian dollar rate today is losing some of its recent resilience, struggling to find support against a firmer greenback as softer oil prices add another layer of pressure ahead of mid-tier domestic data. With the CAD to USD exchange rate drifting toward the upper end of its recent range, markets remain cautious, awaiting stronger catalysts from both sides of the border. Until clearer signals emerge, either from US economic trends or shifts in Canadian data, the loonie is likely to stay on the defensive.
Today's Global Currency Highlights
A quick view of the CAD today against the USD and other major currencies.
CAD Daily Performance Against Global Currencies
| Pair | Rates | Daily | Ranges | ||
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Today's Economic Calendar
In today’s daily FX spotlight, traders are focusing on a packed economic calendar, with Canada’s IPPI and RMPI readings offering fresh insight into pricing pressures and potential direction for the Canadian dollar today. South of the border, the FX calendar is dominated by key labour-market indicators, including the US Philadelphia Fed Manufacturing Index, initial jobless claims, and existing home sales, all of which will shape sentiment around the US dollar today. Strong US data could reinforce dollar momentum, while softer prints may give the loonie some breathing room as markets reassess the broader FX landscape.
| date | event | actual | consensus | previous |
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Canadian Dollar Daily Outlook
The latest Canadian dollar news continues to signal caution, with the Canadian dollar rate today struggling to regain traction as traders brace for a heavy run of US labour-market data. With Canada’s IPPI and RMPI figures offering only modest domestic direction, most of the loonie’s momentum is being dictated by external forces. A stronger US dollar is keeping CAD on the defensive, while broader risk sentiment remains fragile. Until markets digest the full slate of US releases and their implications for Fed policy, the Canadian dollar rate today is likely to stay range-bound, with upside limited unless US data meaningfully underperforms expectations.
Written by
Ash Abbasi
MTFXpert
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.
