The Canadian dollar strengthened past the 1.38 per USD mark, approaching the seven-month high 1.37 touched on May 26th as strong data drove markets to pare the magnitude of rate cuts by the Bank of Canada. The Canadian GDP expanded at an annualized rate of 2.2% on first quarter, well above estimates of a 1.7% increase. Even though most of the support was owed to strong exports and inventories on front-loading of deliveries ahead of US tariffs, the result still backed other data pointing to robustness in the Canadian economy. Consistently, retail sales expanded sharply for a second month. Bet of a less-dovish BoC were magnified by the hot inflation print for April, as the trimmed-mean core rate unexpectedly rose to its highest in one year.
The USDCAD decreased 0.0070 or 0.51% to 1.3739 on Friday May 30 from 1.3809 in the previous trading session. Historically, the USDCAD reached an all time high of 1.62 in January of 2002. Canadian Dollar - data, forecasts, historical chart - was last updated on May 31 of 2025.
The USDCAD decreased 0.0070 or 0.51% to 1.3739 on Friday May 30 from 1.3809 in the previous trading session. The Canadian Dollar is expected to trade at 1.38 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.39 in 12 months time.