CAD Market Update
17 Mar 2026 • 00:14 GMT
The Canadian dollar remains broadly stable against the US dollar, trading near its 3-month average at 0.7305. The loonie has held within a narrow range, roughly between 0.7182 and 0.7413, supported by rising oil prices and stronger domestic activity data.
Oil prices continue to underpin the CAD, especially amid ongoing geopolitical tensions in the Middle East which keep energy markets volatile. This has helped the loonie maintain its recent upward momentum. Despite a cautious US dollar strengthening amid robust US economic data and risk aversion, the CAD has held steady, thanks to its commodity link.
Against the euro and pound, the CAD has traded slightly above its longer-term average, at 0.6355 and 0.5489 respectively. The currency's relative strength against these currencies reflects the positive domestic outlook and stable risk sentiment.
Meanwhile, the CAD has dipped below its three-month average against the Australian dollar at 1.0341, but remains within a fairly stable trading corridor. Overall, the CAD's outlook remains supportive if oil prices stay elevated and trade relations support Canada's economic growth. The currency is expected to remain range-bound near current levels in the near term.
📊 Quick forecast view
Near-term bias: 🔴 Mild downside
Expected range: 0.7280 – 0.7410
Dominant driver: 🌍 Global risk sentiment
3-month trend: ⚪ Range-bound
