USD/CAD is the exchange rate between the US dollar and the Canadian dollar, showing how many Canadian dollars one US dollar buys. The Canadian dollar is often nicknamed the "loonie."

The pair is driven mainly by the interest-rate differential between the US Federal Reserve and the Bank of Canada, oil prices, US and Canadian economic data, and trade between the two countries.

Why is the Canadian dollar linked to oil?

Crude oil is one of Canada's largest exports, most of it sold to the United States, so changes in oil prices affect Canada's export income and demand for its currency.

NewsPips AI

Canadian Dollar (USD/CAD) news & analysis

USD/CAD is the exchange rate between the US dollar and the Canadian dollar, a major pair closely tied to oil prices and US–Canada trade.

Why is USD/CAD up or down today?

The Canadian dollar remains under pressure as sliding oil prices and trade tensions weigh, with Bank of Canada Governor Macklem warning that U.S. tariffs could roughly halve fourth-quarter growth to below 1%. Policy contrast is also in focus, with a hawkish Fed set against a steady Bank of Canada, while Macklem has said inflation is drifting higher and rate decisions must look beyond the initial oil shock.

Updated Sep 21, 19:34 UTC

Latest news

BoC’s Macklem sees inflation drifting higher as uncertainty lingers
www.fxstreet.com · Sep 21, 17:04 UTC
BoC’s Macklem: Rate decisions must look beyond initial Oil shock
www.fxstreet.com · Sep 21, 16:10 UTC
Bank of Canada’s Macklem: US tariffs could roughly halve fourth-quarter growth to below 1%
investinglive.com · Sep 21, 15:11 UTC
Markets Wait on Trump-Xi as Brent Tests $100—AUD and CAD Break From the Pack
www.actionforex.com · Sep 21, 13:19 UTC
Canadian Dollar remains under pressure as hawkish Fed contrasts with steady BoC
www.fxstreet.com · Sep 21, 12:54 UTC
Euro holds gains against Canadian Dollar amid lower oil prices
www.fxstreet.com · Sep 21, 08:54 UTC
USD/CAD Price Forecast: Strengthens above 1.4000, bullish tone prevails above key averages
www.fxstreet.com · Sep 21, 06:53 UTC
Canadian Dollar seems vulnerable near August 7 low amid sliding oil prices, trade tensions
www.fxstreet.com · Sep 21, 02:31 UTC

Upcoming economic events

2026-09-21 — FOMC Member Goolsbee Speaks · USD
2026-09-21 — BOC Gov Macklem Speaks · CAD
2026-09-22 — ADP Weekly Employment Change · USD
2026-09-22 — NHPI m/m · CAD
2026-09-22 — Richmond Manufacturing Index · forecast 2 · USD
2026-09-22 — FOMC Member Williams Speaks · USD
2026-09-22 — FOMC Member Jefferson Speaks · USD
2026-09-22 — FOMC Member Barkin Speaks · USD

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Frequently asked questions

What is USD/CAD?: USD/CAD is the exchange rate between the US dollar and the Canadian dollar, showing how many Canadian dollars one US dollar buys. The Canadian dollar is often nicknamed the "loonie."
What moves USD/CAD?: The pair is driven mainly by the interest-rate differential between the US Federal Reserve and the Bank of Canada, oil prices, US and Canadian economic data, and trade between the two countries.
Why is the Canadian dollar linked to oil?: Crude oil is one of Canada's largest exports, most of it sold to the United States, so changes in oil prices affect Canada's export income and demand for its currency.
Why is USD/CAD up or down today?: USD/CAD moves day to day on the Federal Reserve versus Bank of Canada rate outlook, oil prices and North American economic data. The section at the top of this page covers today's specific driver as it develops.

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Not investment advice. For informational purposes only.

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