Canadian dollar hits fresh 2026 low

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The Canadian dollar on Monday slumped to a new closing low for 2026 of 71.67 cents U.S., with economists at National Bank of Canada singling out gold as “a key factor” behind the loonie’s weakness.

“The loonie has been the weakest reserve currency in recent weeks,” chief economist Stefane Marion and senior economist Kyle Dahms said in a report, referring to a group of currencies that include the United States dollar, euro and Japanese yen, among others.

They said one reason behind the Canadian dollar’s poor showing is that it now has a stronger relationship with the price of gold than the price of oil, which is a change from when the loonie and oil moved more in tandem during the previous oil shock of 2022 after Russia attacked Ukraine.

Marion and Dahms said there are several other factors pushing down the Canadian dollar, including “deteriorating” economic growth and “unfavourable” interest rate spreads between two-year Government of Canada and U.S. Treasury yields.
 
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border_humper said:

The Canadian dollar on Monday slumped to a new closing low for 2026 of 71.67 cents U.S., with economists at National Bank of Canada singling out gold as “a key factor” behind the loonie’s weakness.

“The loonie has been the weakest reserve currency in recent weeks,” chief economist Stefane Marion and senior economist Kyle Dahms said in a report, referring to a group of currencies that include the United States dollar, euro and Japanese yen, among others.

They said one reason behind the Canadian dollar’s poor showing is that it now has a stronger relationship with the price of gold than the price of oil, which is a change from when the loonie and oil moved more in tandem during the previous oil shock of 2022 after Russia attacked Ukraine.

Marion and Dahms said there are several other factors pushing down the Canadian dollar, including “deteriorating” economic growth and “unfavourable” interest rate spreads between two-year Government of Canada and U.S. Treasury yields.
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View: https://x.com/wealthmoose/status/2064524076605911206
 

Art Of The Fail​

June 11, 2026 KateArt Of The Deal New Governor 25 Comments
Reuters;
Canadian Prime Minister Mark Carney has captured global attention by championing the idea of an alliance of mid-level economic powers that would operate beyond President Donald Trump’s increasingly protectionist United States.
Yet Carney’s push to lessen dependence on the U.S. is colliding with a stubborn reality: access to American markets remains a crucial part of Canada’s appeal to prospective trading partners, according to interviews with a dozen government officials and business leaders.
Since winning election in April 2025, Carney’s team has led four trade missions, including two to Asia, seeking foreign investment in mining, engineering and infrastructure projects. A fifth, the largest so far, is headed to Japan later this month.
But Canadian officials acknowledge that the main draw for many potential trading partners is the prospect of gaining tariff-free access to the world’s largest market through Canada’s participation in ‌the U.S.-Mexico-Canada trade ‌agreement.
Carney regularly touts Canada’s preferential access to the U.S. market, noting that more than 85% of bilateral trade remains tariff-free.
“That (USMCA deal) has been kind of a baseline of our investment attraction message,” said a top Canadian government official who requested anonymity to speak frankly.
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ICYMI: “I’m not looking to renew it (USMCA).”
 
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