USDCAD follows oil and gold: the Canadian dollar gains ground
The USDCAD pair opened March and the spring season at 1.3649, with the market focused on commodity markets and the trajectory of the US dollar. Find out more in our analysis for 2 March 2026.
USDCAD forecast: key takeaways
The USDCAD pair is declining in response to rallies in gold and oil
Canada’s GDP came in weak, showing the softest performance since 2020
USDCAD forecast for 2 March 2026: 1.3610
Fundamental analysis
The USDCAD rate is hovering around 1.3649 on Monday. Last Friday, the Canadian dollar recovered most of its monthly losses amid broad US dollar weakness.
Additional support for the CAD came from rising gold prices and a weakening US dollar. The strengthening of the precious metal adds to pressure on the USD, pushing the USDCAD pair lower. Financial flows at the end of the month also played a role, with the Canadian dollar losing about 0.1% in February.
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