Daily Foreign Exchange Update for May 28, 2026

Spot Rates

• USDCAD: 1.3830 - 1.3835 (as at 7:25am PST)
• Asia: 1.3847 to 1.3860
• Europe: 1.3852 to 1.3870
• North America: 1.3826 to 1.3852

Technical Support / Resistance

• S2 1.3730
• S1 1.3800
• R1 1.3880
• R2 1.3930

Key Economic Data Releases:

• U.S. initial jobless claims 215k 211k exp. 210k prev.
• U.S. GDP 1.6% 2.0% exp. 2.0% prev.

Important events we're watching this week:

• May 29, Canada, Canada Q1 GDP
• May 29, USA, PCE Deflator / Personal Income

Market Spotlight

The USD to CAD exchange rate is hovering near 1.3840, trading at a six-week high. This upward momentum is driven by a stronger U.S. dollar, supported by solid labor data and lingering geopolitical concerns, alongside a softer Canadian economy following dovish comments and easing inflation from the Bank of Canada.

Market Drivers

• U.S. Dollar Strength: Anticipation of resilient upcoming U.S. inflation data (PCE) and continued Federal Reserve rate expectations keep the greenback highly supported globally.

• Canadian Economic Indicators: The Loonie is pressured by slower-than-expected inflation reports and slowing domestic GDP growth, which has dampened market bets on future interest rate hikes by the Bank of Canada.

• Geopolitical & Trade Risks: Lingering concerns over Middle East tensions (such as Hormuz Strait uncertainties) and growing USMCA headline risks weigh broadly on investor sentiment towards the Canadian dollar.

• Currently, the TSX is up 0.07% while the DJIA futures are up 0.32%.

• EURCAD is up 0.14% trading between 1.6061 and 1.6113.

• GBPCAD is up 0.21% trading between 1.8534 and 1.8583.

• JPYCAD is up 0.13% trading between 0.008672 and 0.008696.

• Gold is down 0.38% trading between $4,365 - $4,458 USD/oz.

• Silver is down 1.25% trading between $71.76 - $74.92 USD/oz.

• Oil (WTI crude) is up 2.15% trading between $89.95 and $92.49.