Canada
Canada
Spot Exchange Rate
Indicative Interbank Spot Exchange Rate, Price of 1 US Dollar in Canadian Dollars, Updates Daily
The spot exchange rate is the indicative exchange rate applied to interbank foreign exchange transactions that are settled on the spot date – typically within two working days. The “base currency” is the first currency appearing in the pair, followed by the second part of the quotation, called the “counter currency”. The exchange rate indicates how much of the counter currency is needed to buy one unit of the base currency.
Canada
Year to Date Performance
Gain or Loss Relative to USD, Year to Date, Updates Daily
Represents the percentage change in the nominal exchange rate relative to the US dollar year to date.
Canada
Annual Movement
Year-To-Date % Change in CADUSD Exchange Rate, Adjusted for Breaks, Updated Daily
Historical Movement compares this year’s exchange rate movement – the thick black line – with movement in previous years – the thinner blue lines – to illustrate the degree to which the rate has moved. Performance is equal to the percentage gain or loss in the exchange rate realized over the number of trading days shown on the horizontal axis.
Canada
Currency Volatility
Realized 3-Month Historical USDCAD Currency Volatility v. Implied Volatility, 3-Month ATM Options, Updates Weekly
Represents realized volatility - the scale and frequency of moves over the prior three months - and implied volatility - the market’s expectations of moves over the next three months. Realized volatility is measured using the annualized standard deviation of daily returns over a three-month rolling time horizon, and implied volatility is derived from at-the-money three-month currency options.
Canada
Fill Probability
Estimated likelihood of market order fill, updates weekly
Uses a five-year history of trading ranges to estimate the likelihood that a market order (limit order) placed at a specified number of pips away from the current mid-market spot level will be executed within a specific time horizon. A market order placed far above or below the current spot rate will have a lower fill probability than one placed closer to the current spot rate. This probability can vary during periods of higher or lower volatility, or when unexpected events trigger sharp directional moves.
Canada
Probability Analysis
Estimated USDCAD Expiration Range By Confidence Interval, Updates Daily
The Probability Analysis chart, based on a standard deviation bell curve, uses realized historical volatility to illustrate the likelihood that the exchange rate will end within a defined trading band at expiry. For example, we can be confident that 85 out of 100 times, the exchange rate will fall within the upper and lower bounds shown at the 85% confidence interval – and the exchange rate could end above or below these bounds in 15 out of 100 cases. Please Note: The confidence intervals depicted are generalized measures of probability based upon a parametric/ delta-normal analysis of a 5-year historical distribution of market movements, and are used to estimate the exchange rate uncertainties associated with different currencies and time periods. Smaller or larger movements than those outlined are possible. In currency markets specifically, major political and economic events can trigger moves that exceed any historically-driven model parameters.
Canada
Forward Differential
Indicative 12-Month USDCAD Forward Points, Updates Weekly
The 12-month forward differential quantifies the difference – expressed in basis points – between the prevailing spot exchange rate and a 12-month outright forward contract. This difference does not express a directional market view on future spot rates, but is instead derived from the gap between the interest rates in the two currencies in the pair. The differential can be positive or negative depending on which currency has the lower or higher interest rate, with the higher yielding currency discounted going forward and vice versa.
Canada
Forward Curve
Indicative 12-Month USDCAD Forward Points by Month, Updates Weekly
The forward curve illustrates the difference – expressed in basis points – between the prevailing spot exchange rate and outright forward contracts for various future dates. These differences do not express a directional market view on future spot rates, but are instead derived from the gap between the interest rates in the two currencies in the pair over each period. The differential can be positive (premium) or negative (discount) depending on which currency has the lower or higher interest rate, with the higher yielding currency discounted going forward and vice versa.
Canada
Yield Differential
10-Year CAD-USD Government Bond Yield Differential, %, Updates Weekly
The Yield Differential chart illustrates the difference between 10-year Canadian government bond yields and their equivalent US Treasury yields. Positive values indicate a higher yield in Canadian dollars than in US dollars, while negative values imply the opposite.
Canada
Speculative Positioning
Net Long (+) or Short (-) Canadian Dollar Futures Position, Billions US Dollars, Updates Weekly
The Commodity Futures Trading Commission's weekly Commitments of Traders report provides a breakdown of the net positions for "non-commercial" (speculative) traders in US futures markets. Market participants follow the data to identify extreme long or short positions in a currency - something that can signal a trend reversal.
Canada
Purchasing Power Parity
Canadian Dollar, Under (-) or Over (+) Valuation vs. US Dollar, OECD PPP, Updates Daily
Purchasing Power Parity measures whether market exchange rates are theoretically overvalued or undervalued. Purchasing Power Parities are conversion rates that attempt to equalize the purchasing power of different currencies by eliminating the differences in price levels between countries. Note that market rates can deviate from Purchasing Power Parity rates for years, even decades, at a time – so cannot be used to reliably forecast future exchange rate movements.
Latest Analysis
Latest Analysis
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Financial markets are suffering another round of tumult this morning after Israel launched dozens of air strikes against Iran, targeting its air defences, nuclear programme, and military leadership. As...
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The US dollar is surging against most of its major counterparts as Israel launches airstrikes on Iran, threatening to ignite a new war in the Middle East – still the origin of nearly a third of global...
Crosscurrents
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Dollar Slips and Markets Rip Higher As Soft US Inflation Data Bolsters Rate Cut Bets
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The US dollar is trading with a modestly weaker bias after fresh evidence that price pressures are moderating in the world’s largest economy reinforced expectations that the Federal Reserve could begin...
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The greenback is edging higher against most of its advanced-economy counterparts, but traders remain cautious as they await tomorrow’s inflation release, Thursday’s long-dated Treasury auction, and any...
Slow & steady
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Data Cadence Slows, But Bond Auctions Represent Clear and Present Danger
09 June, 2025
The US dollar is trading with a softer tone this morning, slipping against all of its major counterparts as it relinquishes gains made on the heels of Friday’s robust jobs report. Ten-year Treasury yields...
US Job Creation Holds Firm, Driving Dollar Higher
06 June, 2025
The US job creation engine maintained its modest momentum last month, keeping the Federal Reserve sidelined for now. According to the Bureau of Labor Statistics, 139,000 jobs were added in May – representing...
US jobs in focus
05 June, 2025
• US wobbles. US equities declined & USD softened. Public spat between Musk & Trump intensified. AUD touched a fresh year-to-date high.• Macro trends. ECB delivered a ‘hawkish’ cut....