The US Dollar to Canadian Dollar exchange rate traded near 1.3667 on Friday, with the pair holding near recent highs despite a broader consolidation in recent sessions.
Scotiabank says the Canadian dollar has been relatively steady, with USD/CAD recently trading in a tight range centred between 1.3550 and 1.3600.
“The CAD is steady, trading flat to the USD and extending the latest consolidation where congestion has centered in a tight range roughly bound between 1.3550 and 1.3600.”
The bank notes that higher oil prices and shifting interest rate expectations are supportive for the Canadian currency.
Markets are increasingly pricing the possibility of a Bank of Canada rate hike as soon as July, with more than 30 basis points of tightening now expected by October.
Scotiabank also highlights that narrowing yield spreads have supported the Canadian dollar in recent sessions.
“Higher oil prices and narrowing interest rate differentials are supportive of CAD strength, leaving the balance of risk firmly tilted to the upside.”
From a technical perspective, the bank says momentum remains bearish for USD/CAD, suggesting the broader trend could still favour further downside in the pair over the medium term.
USD/CAD — Key Exchange Rate Highlights:
Current Rate: 1.366700 (13 Mar 2026, 08:42 UTC)
Daily Move: +0.25% (+0.003400)
Latest Close: 1.363305 (12 Mar)
March Range: 1.352639 – 1.375092
March Performance: -0.26%
12-Month Range: 1.348243 – 1.436780
Recent Trend: USD/CAD edging higher in recent sessions following gains over the past two days
Disclaimer: For information only, not investment advice. This USDCAD forecast summarises and interprets third-party research; views expressed are those of the original source and may not fully reflect the source’s complete analysis. Neither the source nor we accept liability for reliance on this interpretation.
