Canadian Dollar Hits Six-Week High as US Dollar Weakens

The Canadian dollar reached a six-week high of 1.3993 against the US dollar on July 30, 2026, driven by the decline in the value of the greenback.

The weakening of the US dollar was largely due to the Federal Reserve's decision to hold its benchmark interest rate unchanged at 3.50% to 3.75%, as well as potential currency intervention by Japanese monetary authorities.

Royce Mendes, head of macro strategy at Desjardins, said that American monetary policymakers opted for a 'wait-and-see approach' instead of raising rates.