Daily Foreign Exchange Update for June 30, 2026

Spot Rates

• USDCAD spot rate: 1.4185 - 1.4190 (as at 7:57am PST)
• Asia: 1.4199 to 1.4224
• Europe: 1.4225 To 1.4240
• North America: 1.4185 to 1.4247

Technical Support / Resistance:

• S2 1.4130
• S1 1.4170
• R1 1.4200
• R2 1.4245

Key Economic Data Releases:

• CAD GDP: 0.5% (prev -0.1%)
• US PMI: 56.7 (prev 62.7)
• US JOLTS: 7.594m (prev 7.585m)

Important events we're watching this week:

• July 1, Canada, Canada Day
• July 1, USA, ISM manufacturing PMI, ADP employment change
• July 2, Canada, S&P global manufacturing PMI
• July 2, USA, Non-farm payrolls, unemployment rate

Market Spotlight

The Canadian dollar is currently trading just under 1.4200 after once again running into resistance near the 1.4250 area overnight. The Loonie finally caught a bit of good news, with April GDP rising a stronger than expected 0.5%, the biggest monthly gain in nearly a year. Even more encouraging, the improvement was broad based, with 14 of 20 sectors posting gains, while the early estimate for May points to the economy continuing to grind higher. Coupled with stronger inflation and employment data released earlier this month, there are signs that Canada's economy has found a bit of its footing after a soft start to the year. Normally, data like this would have given the Loonie a much bigger boost. Instead, the reaction has been fairly subdued, which says more about the strength of the U.S. dollar than any lack of confidence in Canada. In fact, had today's GDP numbers missed expectations again, there's a good chance USD/CAD would already be trading at fresh one year highs.

The U.S. dollar continues to attract buyers as markets hold onto expectations for further Fed tightening later this year, supported by stronger U.S. labour data and lingering uncertainty surrounding U.S.-Iran negotiations. The greenback is gaining ground against just about everything, not only the Canadian dollar, with the euro, pound, kiwi and especially the yen all under similar pressure. With Canadian GDP now behind us, attention turns to a busy stretch of European inflation data and a central bank panel featuring the heads of the Fed, Bank of Canada, ECB and Bank of England. Fed Chair Warsh will likely steal most of the spotlight. Closer to home, trade headlines could also become a factor, with reports suggesting the Trump administration may formally begin the process of winding down USMCA this week. Negotiations would continue for years, so it's more of a long game than an immediate market mover, but it is another reason why traders may be hesitant to make aggressive bets on the Canadian dollar. Sometimes good data is enough to start a trend. Other times, it just keeps a bad day from getting worse, and today feels more like the latter.

• Currently, the TSX and the DJIA are up 0.10% and 0.59% respectively.
• EURCAD is up 0.10% trading between 1.6201 and 1.6239.
• GBPCAD is down 0.13% trading between 1.8797 and 1.8848.
• JPYCAD is down 0.42% trading between 0.00873 and 0.00877.
• Gold is up 0.67% trading between $3,942 - $4,063USD/oz.
• Silver is up 2.75% trading between $55.60 - $60.44USD/oz.
• Oil (WTI crude) is up 0.56% trading between $68.58 and $71.38.