Daily Foreign Exchange Update for July 23, 2026

Spot Rates * USDCAD spot rate: 1.4090 - 1.4095 (as at 8:59am PST) * Asia: 1.4057 to 1.4075 * Europe: 1.4070 To 1.4090 * North America: 1.4077 to 1.4100

Technical Support / Resistance: * S2 1.3950 * S1 1.4000 * R1 1.4120 * R2 1.4200

Key Economic Data Releases: - US initial jobless claims 187k 212k exp. 209k prev.

Important events we're watching this week:

• July 25, USA, US Flash PMIs

Market Spotlight

The USD/CAD pair is trading near 1.4090. The Loonie is facing pressure from softer-than-expected Canadian inflation data, which dampened rate hike expectations. The pair is currently attempting to break through the 1.4100 resistance level, buoyed by US tariff threats and fluctuating oil prices.

Key Market Drivers

• Inflation & BoC: Softer Canadian CPI data diminished the nation's relative yield advantage, giving the US Dollar the upper hand.

• US Tariff Threats: Reports of potential new tariffs on Canadian products have weighed heavily on the oil-sensitive Canadian Dollar.

• Oil Prices: Fluctuations in crude—with some downward pressure on easing geopolitical tensions and US-Iran developments—have historically correlated with a weaker Loonie.

• Currently, the TSX is down 0.97% while the DJIA futures are down 1.07%. * EURCAD is down 0.34% trading between 1.6001 and 1.6080. * GBPCAD is down 0.40% trading between 1.8744 and 1.8842. * JPYCAD is down 0.39% trading between 0.008583 and 0.008633. * Gold is down 0.16% trading between $4,040 - $4,140 USD/oz. * Silver is down 2.95% trading between $57.05 - $60.06 USD/oz. * Oil (WTI crude) is up 6.25% trading between $87.58 and $92.83.