2026.05.0112:14:04UTC+00Canadian Dollar Hits 7-week High

The Canadian dollar touched 1.36 against the USD, its strongest level since March 2026, and is heading for its largest monthly gain since April 2025 as broad US dollar weakness and rising oil prices shape interest rate expectations. The currency has also been supported by a slightly less dovish Bank of Canada and elevated commodity prices. On Wednesday, the central bank signaled it could raise rates in successive meetings if persistently high energy prices continue to fuel inflation, prompting markets to reassess the monetary policy outlook.