CAD Market Update
24 Jun 2026 • 00:28 GMT
The Canadian dollar has slipped to a 90-day low near 0.7037 against the US dollar, reflecting recent dollar strength driven by safe-haven demand and optimism over potential US interest rate hikes. This level is about 2.7% below its three-month average of 0.723, highlighting the dollar's recent rally. Meanwhile, the CAD has held steady against the euro and the pound, with minor movements within a narrow range, indicating a cautious market tone.
The CAD’s recent decline is partly influenced by falling oil prices, one of Canada's key exports, which has added downside pressure amid ongoing trade tensions with the US. Despite some support from a stronger-than-expected inflation report in Canada, oil’s retreat and global uncertainties have kept the loonie under pressure.
Looking ahead, any rally in oil prices or easing of US-China trade tensions could help stabilize the CAD. However, if the US dollar continues its current momentum and oil remains weak, the CAD may remain near its 90-day lows in the coming weeks. Overall, traders should remain cautious, watching energy markets and US data for signs of a shift in trend.
📊 Quick forecast view
🔴 Mild downside
0.6910 – 0.7040
🌍 Global risk sentiment
⚪ Range-bound
