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The Loonie Just Hit an 8-Week High — Here's What a Stronger Dollar Means for You

  August 11, 2026 Three weeks ago, we told you the Canadian dollar had crashed to a 14-month low . This week, it's doing the opposite: the loonie just touched its strongest level since June, and it's not a small bounce. If you shop online, travel south, or hold US stocks in your RRSP or TFSA, this move actually moves your numbers. What actually happened The Canadian dollar strengthened to about 1.393–1.394 per US dollar — roughly 71.7 to 71.8 US cents — its best level in eight weeks, according to Reuters and TradingEconomics data. That's a meaningful move: the loonie has gained close to 2% against the greenback since hitting 1.4248 on July 25, and it's up about 1.6% over the past month alone. THE TURNAROUND, IN THREE NUMBERS July 25 (14-month low) 1.4248 USD/CAD Today (8-week high) ~1.394 USD/CAD Move since July 25 Loonie up ~2.2% Two things are driving it. First, Friday's July jobs report blew past every forecast — the Canadian economy added 75,100 jobs against ...
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How Canada’s new measures will make banking more fair and affordable in 2024

 

Canada’s government has announced a series of new measures to ensure Canadians are treated fairly by their banks and to make banking more affordable for everyone. These measures, which will take effect in 2024, include:

  • Protecting Canadians from rising mortgage payments by requiring banks to provide tailored mortgage relief to borrowers at risk of default on their principal residence, in accordance with the Financial Consumer Agency of Canada’s (FCAC) new guideline.
  • Enhancing low-cost and no-cost account options by working with financial institutions to improve the features of these accounts, such as providing more debit transactions, online bill payments, and e-transfers with no extra fees, and expanding the eligibility and availability of these accounts to more Canadians.
  • Lowering non-sufficient fund (NSF) fees, which can be as high as $50, by issuing direction to banks to reduce these fees, which disproportionately impact low-income Canadians and those who do not have access to overdraft protection.
  • Designating an independent and transparent not-for-profit organization, the Ombudsman for Banking Services and Investments (OBSI), as the single external complaints body for Canada’s banking sector, to provide Canadians with an impartial advocate when they have complaints with their bank.

These measures are part of the government’s action to bring down inflation and stabilize prices for Canadians, as well as to support the economic recovery from the pandemic. The government also plans to introduce framework legislation in Budget 2024 to enable consumer-driven banking, which will give Canadians more control over their financial data and access to innovative financial services.

The government says that these measures will help ensure that Canada remains the best place in the world to live, work, and raise a family, and that the banking sector serves the needs and interests of all Canadians.

In addition to these measures, Canadians can also benefit from the increase in the Tax-Free Savings Account (TFSA) contribution limit for 2024, which will rise to $7,500, up from $6,000 in 2023. This means that Canadians who were eligible for the TFSA since its inception in 2009 will be able to invest a cumulated total of $95,000 in 2024, tax-free.


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