CAD Market Update
21 Mar 2026 • 01:02 GMT
The Canadian dollar (CAD) remains relatively stable against the US dollar, trading near its 3-month average of 0.7283. Despite rising oil prices, which exceeded $110 a barrel, the CAD slipped slightly yesterday, showing that Canadian currency is still sensitive to broader market factors. The upcoming release of retail sales data for February could impact the CAD further, especially if sales show a contraction, adding pressure on the currency.
Against the euro and British pound, the Canadian dollar is slightly above its 3-month averages, trading at 0.6294 and 0.5460 respectively, with little recent volatility. Meanwhile, the CAD gained modestly against the Japanese yen, trading at 116.0 and slightly above its recent range.
Interestingly, the CAD is weaker against the Australian dollar, trading at 1.0342, which is 2% below its three-month average — a sign of some divergence in commodity-linked currencies. Overall, the CAD’s outlook remains cautious, with potential seasonal strength as spring approaches, but close attention should be paid to trade trends and risk appetite 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
