Business · Markets · 9 hrs ago
Canadian dollar holds near six-week high as trade hopes lift sentiment
The Canadian dollar held near a six-week high against the U.S. dollar on Monday.
It was trading at 1.3975 Canadian dollars per U.S. dollar, after reaching its strongest level since September 16 on Friday.
U.S. President Donald Trump said his administration had a concept for a new trade deal with Canada, and Prime Minister Mark Carney said they had a good conversation about trade.
The comments raised hopes for a Canada-U.S.
trade deal, though no agreement was announced.
Those hopes matter as tariffs on Canada have become an issue in some U.S. border states ahead of Tuesday's midterm elections.
Falling oil prices weighed on the Canadian currency, while a narrower gap between Canadian and U.S. bond yields has supported its recent gains; the sources give no next step for the trade discussions.
The Canadian dollar was nearly unchanged at 1.3975 per U.S. dollar on Monday, near a six-week high.
Positive comments from U.S. and Canadian leaders about trade prospects supported sentiment.
Oil prices fell sharply, while narrowing U.S.-Canada yield spreads had supported the currency’s recent gains.
The Bank of Canada raised its benchmark interest rate by 25 basis points to 2.50 per cent last week.
- Who
- The Canadian dollar and investors weighing trade prospects.
- What
- The loonie steadied near a six-week high against the U.S. dollar.
- When
- Monday, November 2, 2026.
- Where
- Canada and the United States’ currency markets.
- Why
- Positive trade comments supported sentiment, while falling oil prices weighed on the currency.
This story does not have two clearly opposing sides.
The Bank of Canada raised its benchmark interest rate by 25 basis points to 2.50 per cent, its first hike in three years.
The Canadian dollar touched its strongest intraday level since September 16, at 1.3940 per U.S. dollar.
Donald Trump said his administration had the concept of a new trade deal with Canada, and Mark Carney said the leaders had a good conversation about trade.
The Canadian dollar traded nearly unchanged at 1.3975 per U.S. dollar.
- Exchange rate
- 1.3975 Canadian dollars per U.S. dollar
- U.S.-dollar equivalent
- 71.56 U.S. cents
- Friday intraday high
- 1.3940 per U.S. dollar
- Bank of Canada rate
- 2.50 per cent after a 25-basis-point hike
- Crude oil
- U.S. futures fell 7.8 per cent to $96.01 a barrel
What people are saying
concept
good conversation on the future of trade between their countries
Headlines have been constructive, following positive comments from both U.S. and Canadian officials on the topic of trade
Fundamentally, the CAD remains well supported by narrowing U.S.-Canada yield spreads which have delivered the bulk of its recent gains