CAD Market Update
24 Mar 2026 • 00:15 GMT
The Canadian dollar (CAD) remains relatively stable against the US dollar at around 0.7283, just below its three-month average. Despite rising oil prices above $110 a barrel, the CAD struggled to gain strength yesterday, reflecting broader concerns over Canada's retail sales data, which is expected to have declined in February. This weak retail outlook adds downside pressure, especially as the US dollar continues to benefit from market risks linked to escalating tensions with Iran. The US Dollar Index has surged toward the 100 level, supported by geopolitical uncertainty and safe-haven buying.
Against the euro and the pound, the CAD remains near recent lows, trading at about 0.6273 and 0.5425, respectively, in line with recent stable ranges. The CAD also traded close to its 3-month average against the Swiss franc and Japanese yen, indicating limited volatility in these pairs.
Overall, with domestic economic data pointing to softening retail activity and geopolitical risks maintaining USD strength, the CAD is expected to see subdued momentum in the short term. Market watchers remain cautious, especially ahead of trade negotiations and global risk developments that could influence currency movements.
📊 Quick forecast view
Near-term bias: 🔴 Mild downside
Expected range: 0.7280 – 0.7410
Dominant driver: 🌍 Global risk sentiment
3-month trend: ⚪ Range-bound
