The Canadian dollar climbed to its strongest level in five weeks on Friday, October 23, 2026, as traders increased bets on a Bank of Canada rate hike. The currency touched its strongest intraday level since September 16 at 1.3969 per US dollar, trading 0.1% higher at 1.40 per US dollar, or 71.43 US cents.
The loonie was on track for a seventh straight daily gain — its longest winning streak since March 2022 — and was up 1% for the week, its biggest weekly advance since April.
The move followed stronger economic data: Canadian retail sales rose 1.2% in August from July, led by motor vehicle and parts dealers, with a preliminary estimate of a further 0.7% rise for September.
A majority of economists polled by Reuters expected the Bank of Canada to raise its benchmark rate by 25 basis points to 2.50% on October 28, with one more hike by end-March, while investors saw roughly an 80% chance of a hike next week. Oil, a major Canadian export, also rose, with US crude futures settling 3.8% higher at $103.27 a barrel.
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Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.