The Canadian dollar continues to strengthen to the USD, based of the Bank of Canada’s comments that interest rates may go higher sooner than later. Also, metals, and agriculture products are still trending higher, wheat is up over 38% year over year, while copper is up over 86%, increasing inflation at a lot quicker pace and now starting to be a concern for central banks. The Federal Reserve has its announcement on Wednesday, it cannot ignore thesecurrent market conditions, it may follow suit to the Bank of Canada. If that is the case, then the USD will likely gain to the CAD, we will have to wait and see.
Currently* Close Range
USDCAD 1.2400 1.2475 1.2383-1.2490
EURCAD 1.4980 1.5100 1.4973-1.5101
GBPCAD 1.7215 1.7315 1.7202-1.7360