The US Dollar to Canadian Dollar (USD/CAD) exchange rate continues to trade near 1.4210, with the Canadian Dollar struggling to recover despite some easing in US-Canada interest-rate differentials.
Scotiabank believes the Loonie remains fundamentally undervalued, but warns that its scope for a meaningful recovery has narrowed.
The bank notes that confirmation the US will not renew the USMCA trade agreement has extended uncertainty for Canadian exporters, even though negotiations are expected to continue.
According to Scotiabank, the Canadian Dollar “continues to look fundamentally cheap”, but the degree of undervaluation has steadily diminished over the past month, leaving “limited upside potential for the CAD.”
The bank expects the Bank of Canada’s latest Business Outlook Survey to reflect the uncertainty facing businesses amid the evolving trade environment.
From a technical perspective, Scotiabank believes USD/CAD is consolidating after its recent rally. While the US Dollar remains heavily overbought, the bank says the six-week advance may simply be pausing before another attempt higher.
Scotiabank expects resistance around the 1.4250-1.4300 area, but believes persistent trade uncertainty and a still-supportive US Dollar should continue to limit gains for the Canadian Dollar in the near term.
Canadian Dollar Prices: This Week
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.96% | -0.03% | +0.02% | -0.89% | -0.71% | -0.19% | |
| EUR | +0.08% | -0.88% | +0.05% | +0.10% | -0.81% | -0.63% | -0.11% | |
| GBP | +0.97% | +0.89% | +0.94% | +0.99% | +0.07% | +0.25% | +0.78% | |
| JPY | +0.03% | -0.05% | -0.93% | +0.05% | -0.86% | -0.68% | -0.16% | |
| CAD | -0.02% | -0.10% | -0.98% | -0.05% | -0.91% | -0.73% | -0.22% | |
| AUD | +0.90% | +0.82% | -0.07% | +0.87% | +0.92% | +0.18% | +0.70% | |
| NZD | +0.71% | +0.64% | -0.25% | +0.69% | +0.74% | -0.18% | +0.52% | |
| CHF | +0.19% | +0.11% | -0.77% | +0.16% | +0.22% | -0.70% | -0.52% |
The FX heat map compares how Canadian Dollar (CAD) has performed against a basket of major currencies over the past week. The largest move was against the Pound Sterling, where Canadian Dollar recorded its sharpest decline. Data comparing prices today (07/07/2026 07:24 UTC) and daily close on 30/06/2026.
To read the table, choose the base currency from the left-hand column and then move across to the quote currency along the top row. For example, the GBP row and USD column shows the weekly percentage move in GBP/USD.
