CAD Markets Update with Chart with Historic Rates . Check CAD Trends over various time periods.
Canadian dollar (CAD) Market Update
The Canadian dollar (CAD) has faced challenges against the US dollar (USD) in recent months due to the volatility in global financial markets. Despite strong correlations between the US and Canadian economies, the risk-on and risk-off sentiment has been the primary driver of CAD's performance. Experts suggest that the ongoing decline in housing prices and the resulting adverse wealth effects could further weigh on the Canadian dollar in 2023.
In terms of key currency pairs, the CAD to USD exchange rate currently sits just below its 3-month average at 0.7423. This pair has traded within a relatively stable range of 4.4% from 0.7307 to 0.7626. The CAD to EUR exchange rate, on the other hand, is 2.4% above its 3-month average at 0.7015. It has exhibited stability within a 4.9% range from 0.6721 to 0.7053. Similarly, the CAD to GBP exchange rate is 3.1% higher than its 3-month average at 0.6075. It has traded within a stable range of 5.8% from 0.5772 to 0.6105.
In terms of CAD to JPY, the exchange rate has reached 90-day highs near 110.8, 2.8% above its 3-month average of 107.8. This pair has also displayed stability, trading within a range of 5.7% from 104.8 to 110.8.
As Canada is a major oil exporter, the CAD can be influenced by oil price movements. Recent data shows that OIL to USD is currently at 95.38, which is 11.7% above its 3-month average of 85.37. Oil prices have been highly volatile, fluctuating within a wide range of 33.7% from 72.26 to 96.61.
Overall, FX analysts believe that while the CAD has faced challenges against the USD, stability has been evident in its performance against the EUR, GBP, and JPY. The impact of declining housing prices and the volatility of oil prices will be important factors to watch for the future performance of the Canadian dollar.
Canadian dollar to US dollar - CAD/USD Trend
CAD to USD is at 14-day lows near 0.7358, 1.3% below its 3-month average of 0.7454, having traded in a quite stable 4.4% range from 0.7307 to 0.7626
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