CAD Strengthens Following North American GDP Data

2026-04-30 15:34 By Isabela Couto 1 min. read

The Canadian dollar strengthened to 1.36 per USD, a one-month high, on support from a weaker greenback as markets assessed the outlook for the Bank of Canada.

The US dollar pulled back as energy prices halted their rally and drove emerging markets to limit their aggressive pivot to the greenback.

On top of that, an acceleration in domestic wages also supported the loonie.

Meanwhile, data showed Canada’s GDP stalled in March, suggesting high energy prices weighed on overall spending.

The outcome aligned with the BoC’s decision to hold rates this week, noting that inflation remains stable and that rising energy costs have not yet unanchored household expectations, dismissing an immediate need for more restrictive policy.



News Stream
Canadian Dollar Hits Over Two-Month High
The Canadian dollar strengthened sharply to 1.39 per USD in November, reaching a more than two-month high as the greenback retreated broadly following Democratic victories in the US midterm elections. The results prompted investors to reassess the outlook for US growth amid tighter scrutiny of AI investment and potential opposition to data-centre development. The loonie also gained on hopes of easing trade tensions between Canada and the US, as a Democratic majority could constrain some of President Trump’s trade policy decisions. The dispute began in February 2025, when Trump announced broad tariffs on Canadian goods, prompting retaliatory measures from Ottawa. While USMCA-compliant goods were later exempted, additional tariffs remained on steel, aluminum and automotive imports. Meanwhile, Canada posted a C$5.4 billion trade surplus in September, its largest since May 2022 and above expectations of C$4.1 billion.
2026-11-04
Canadian Dollar Hits 7-week High
The Canadian Dollar touched 1.39 against the USD, the highest since September 2026. Over the past 4 weeks, US Dollar Canadian Dollar lost 2.22%, and in the last 12 months, it decreased 1.17%.
2026-11-04
TSX Steady After BoC Rate Hike
The S&P/TSX Composite Index traded near flat around 36,000 on Wednesday after the Bank of Canada’s policy decision to hike interest rates to by 25 bps to 2.5%, as expected. The bank said the decision aims to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services while noting that here could be a need to increase the policy rate further. Meanwhile, the US Fed is expected to hold rates steady. Financial stocks were mostly subdued. Agnico Eagle fell 1%, Alamos lost 0.5%, and Kinross dropped 2%, while First Quantum was flat. Teck Resources rose 3.5% ahead of Thursday’s earnings, while Imperial Oil gained 1% and Cameco added 0.2% ahead of Friday’s results. Tamarack Valley climbed 2% after raising its 2026 production forecast, while Trican Well Service surged 6% on higher Q3 profit.
2026-10-28