USD/CAD rebounds as US Dollar recovers, Oil support weakens for Canadian Dollar

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USD/CAD rebounds toward 1.3700 and is up around 0.20% on the day on Monday. After trading near a five-month low around 1.3640 late last week, the pair benefits from a modest return of demand for the US Dollar (USD) amid thin liquidity at the start of a holiday-shortened week.

The US Dollar regains some ground against the Canadian Dollar
Support for the Canadian Dollar from higher Oil prices fades at the start of a holiday-shortened week
Investors remain cautious ahead of the Federal Reserve Minutes and amid expectations of rate cuts in 2026

The Canadian Dollar (CAD) had recently found support from rising Oil prices, as Canada is the largest crude exporter to the United States (US). West Texas Intermediate (WTI) US Oil prices are recovering after sharp losses in the previous day, supported by persistent geopolitical tensions in the Middle East and concerns over potential supply disruptions. However, this commodity-related support appears to be losing momentum in the near term, limiting the Canadian Dollar’s ability to extend its gains.

On the monetary policy front, the US Dollar remains broadly under pressure but shows signs of stabilization. Investors continue to price in the prospect of further rate cuts by the Federal Reserve (Fed) in 2026, following the 25-basis-point rate cut delivered at the December meeting, which brought the target range to 3.50%-3.75%. The Federal Reserve has now delivered a cumulative 75 basis points of rate cuts in 2025, amid a gradually cooling labor market and inflation that remains above target.

Market focus now turns to the release of the Federal Open Market Committee (FOMC) Minutes, due on Tuesday, which could provide further insight into internal policy debates and the outlook for the coming year. According to the CME FedWatch tool, the probability of rates being left unchanged at the January meeting remains high, while expectations of an immediate rate cut continue to fade.

On the Canadian side, expectations remain more stable. The Bank of Canada (BoC) is expected to maintain a cautious stance, as inflation has remained slightly above the 2% target in recent months. Minutes from the latest meeting confirmed that policymakers consider the current policy stance appropriate, while standing ready to adjust if the economic outlook changes materially. This contrast between the expected monetary policy paths continues to keep USD/CAD in a consolidation phase.

(This story was corrected on December 29 at 13:55 GMT to remove a reference that USD/CAD ended a four-day losing streak.)

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.10%	0.15%	-0.13%	0.18%	0.38%	0.63%	0.13%
EUR	-0.10%		0.04%	-0.22%	0.08%	0.28%	0.53%	0.03%
GBP	-0.15%	-0.04%		-0.25%	0.04%	0.24%	0.49%	-0.01%
JPY	0.13%	0.22%	0.25%		0.32%	0.50%	0.74%	0.20%
CAD	-0.18%	-0.08%	-0.04%	-0.32%		0.20%	0.46%	-0.05%
AUD	-0.38%	-0.28%	-0.24%	-0.50%	-0.20%		0.25%	-0.24%
NZD	-0.63%	-0.53%	-0.49%	-0.74%	-0.46%	-0.25%		-0.50%
CHF	-0.13%	-0.03%	0.01%	-0.20%	0.05%	0.24%	0.50%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

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