Will the Canadian dollar slip below 70 cents US?

The American dollar gained ground on the currency of almost every industrialized country in the world as he has promised tax cuts, deregulation and sweeping tariffs on all U.S. imports. The Canadian dollar has been on a long, slow decline since the summer of 2021. But the decline has picked up steam this month as the U.S. dollar soared on news that Donald Trump had won re-election. Authors and topics you follow will be added to your personal news feed in Following. “The market’s thinking, ‘well, what’s the one country or the one bloc that’s likely to be Trump’s next target?

Now, he says, the cost of just about anything imported from the U.S. is rising as well. A weakening dollar has sweeping effects on the Canadian economy. But it also means exporters who get paid in U.S. dollars bring in more money. “I wouldn’t be too shocked if we were to get below 70 cents US and even perhaps all the way down to 68 cents at some point,” said Karl Schamotta, the chief market strategist of the financial payments company Corpay. The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity.

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Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. The USD and CAD can be traded 24×5, starting from the time markets open on Monday mornings in Sydney until they close on Fridays at 5 PM in New York.

• Prime Minister Justin Trudeau’s promised holiday consumer relief package has been split in half.
• Federal Reserve has also impacted the loonie, but Lander says, tariffs would be a more significant gut punch.
• The day range on the loonie was 70.52 US cents to 71.53 US cents in early trading.
• The Indian Ocean archipelago nation of the Maldives, known for its white sand beaches and coral reefs, has just increased the price it costs to leave.

“We sell our oil in U.S. dollars, and get U.S. dollars for them, and then convert them back. So Biggest stock gainers of all time today, Surge is getting about $97-$98 Canadian per barrel for our oil, which is a very attractive price,” said Colborne. You’ll now see the value of the converted currency according to the most recent exchange rate. The day range on the loonie was 70.52 US cents to 71.53 US cents in early trading. The Canadian dollar was down about 1.37 per cent against the greenback over the past month.

Conversion Rates US Dollar/Canadian Dollar

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The U.S. dollar fell to a two-week low against a basket of major currencies. The market data on this page is currently delayed. Please bear with us as we address this and restore your personalized limefx lists. The Indian Ocean archipelago nation of the Maldives, known for its white sand beaches and coral reefs, has just increased the price it costs to leave. Prime Minister Justin Trudeau’s promised holiday consumer relief package has been split in half.

However, some economists warn there are few reasons for optimism that the uptick will be prolonged considering the widespread impacts hefty tariffs would have on the Canadian economy. Despite rebounding on Wednesday, the Canadian dollar continues to face pressure after U.S. president-elect Donald Trump threatened to impose a 25 per cent tariff on all Canadian imports. That’s just one small glimpse into the impact a low dollar can have on the way many Canadians see the economy and the politicians they blame for its woes.

“We are one of the most interest rate sensitive economies in the world. We’ve been hit hard by the rise in inflation and interest rates in particular,” said Porter. Trading levels remained muted until the pandemic crashed into the economy. Inflation, debt and government spending started weighing down the dollar. “It almost automatically leads to higher gasoline prices. It can filter right into food prices because much of the food that we buy now is imported or has to compete internationally,” said Porter. Surge pumps oil primarily in central Alberta and southern Saskatchewan. The company produces about 24,000 barrels of oil per day.

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“We’ll be going to maybe one less show, maybe watching our money on where we eat, specifically, because the dollar exchange is just way too much.” Colborne says even though his company stands to benefit, the low dollar reflects badly on the state of the broader Canadian economy. Schamotta says over the past couple of years the U.S. economy has expanded while economic growth has flatlined in Canada, giving currency traders a clear contrast.

Exchange rates can fluctuate by the minute while markets are open. However, the period between 3-4 PM GMT is often a good time to convert US Dollars to Canadian Dollars because currency market liquidity and trading volume tend to be the highest during this time. Additionally, it’s advisable to convert US Dollars to Canadian Dollars early in the week if you need CAD urgently. Executing a trade late in the week might result in a delayed settlement until the following week, as forex markets are closed on weekends. Our currency rankings show that the most popular Canadian Dollar exchange rate is the CAD to USD rate.

Global markets were muted after U.S. president-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China. Canadian third-quarter gross domestic product data, due on Friday, could offer clues on the pace of further interest rate cuts expected from the Bank of Canada. Economists forecast growth slowing to an annualized rate of 1%. “Targeting both countries suggests the threat was likely a strategic opening move in renegotiating the existing free trade agreement between the three nations,” said Tony Valente, a senior FX dealer at AscendantFX.