← Teck Resources overview

Teck Resources vs US Dollar/Canadian Dollar FX Spot Rate: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Teck Resources Ltd Class B (TECK)

Q3 2026
▲5▼1

Teck's copper growth and Anglo merger advance, but tariff doubt jolts the sector

  • Anglo American clears coal sale ahead of Teck merger Anglo American agreed to sell its Australian steelmaking coal assets for up to $3.88 billion, simplifying its portfolio and cutting debt before combining with Teck. The merged company would be over 70% copper, tying Teck more directly to electrification and AI power demand.

    This deal removes a hurdle to the merger and sharpens Teck's copper focus, supporting the stock.

  • Teck mails merger election forms to shareholders Teck sent letters of transmittal to registered shareholders for its court-approved merger with Anglo American. Each Teck share converts to 1.3301 Anglo American shares. The election window is open, and shareholders must act before the deadline to receive consideration.

    This is a concrete step toward completing the merger, reducing uncertainty and supporting Teck's price.

  • Canada backs Teck's Trail critical minerals expansion Canada launched its Critical Minerals Accelerator with Teck's Trail Operations as the first deal. The Canada Growth Fund will invest up to $400 million, with total potential investment up to $850 million to double germanium and antimony output and possibly add gallium. This boosts Teck's growth prospects.

    Government funding and streamlined regulation for a new critical minerals project add value and reduce risk for Teck.

  • Record copper prices drive Q2 earnings surge Teck reported $2.2 billion adjusted EBITDA for Q2 2026, up 204% from last year, as record copper prices and 25% higher production lifted results. Adjusted profit was $1.93 per share. The Anglo American merger remains on track for closing within the original timeline.

    Strong earnings show Teck's core business is thriving and the merger is progressing, both positive for the stock.

  • Anglo Teck leadership named, synergies targeted Teck and Anglo American announced the future executive team for Anglo Teck, with Duncan Wanblad as CEO and Jonathan Price as deputy. The combined company, headquartered in Vancouver, targets about $800 million in annual pre-tax synergies by year four, plus revenue gains from optimizing Chilean copper mines.

    Naming leadership and quantifying synergies makes the merger's benefits more concrete, supporting Teck's valuation.

  • Copper tariff doubt triggers sharp sector selloff Copper mining stocks fell sharply after reports cast doubt on White House tariffs for refined copper. Teck slid 7% to $65.08, and benchmark copper dropped 3.1% from a record high. Despite the drop, Teck remains up 36% year to date.

    This is a fresh negative shock that directly hit Teck's price and highlights a key risk for copper producers.

July 2026
▲5▼1

Teck's copper growth and Anglo merger advance, but tariff doubt jolts the sector

  • Anglo American clears coal sale ahead of Teck merger Anglo American agreed to sell its Australian steelmaking coal assets for up to $3.88 billion, simplifying its portfolio and cutting debt before combining with Teck. The merged company would be over 70% copper, tying Teck more directly to electrification and AI power demand.

    This deal removes a hurdle to the merger and sharpens Teck's copper focus, supporting the stock.

  • Teck mails merger election forms to shareholders Teck sent letters of transmittal to registered shareholders for its court-approved merger with Anglo American. Each Teck share converts to 1.3301 Anglo American shares. The election window is open, and shareholders must act before the deadline to receive consideration.

    This is a concrete step toward completing the merger, reducing uncertainty and supporting Teck's price.

  • Canada backs Teck's Trail critical minerals expansion Canada launched its Critical Minerals Accelerator with Teck's Trail Operations as the first deal. The Canada Growth Fund will invest up to $400 million, with total potential investment up to $850 million to double germanium and antimony output and possibly add gallium. This boosts Teck's growth prospects.

    Government funding and streamlined regulation for a new critical minerals project add value and reduce risk for Teck.

  • Record copper prices drive Q2 earnings surge Teck reported $2.2 billion adjusted EBITDA for Q2 2026, up 204% from last year, as record copper prices and 25% higher production lifted results. Adjusted profit was $1.93 per share. The Anglo American merger remains on track for closing within the original timeline.

    Strong earnings show Teck's core business is thriving and the merger is progressing, both positive for the stock.

  • Anglo Teck leadership named, synergies targeted Teck and Anglo American announced the future executive team for Anglo Teck, with Duncan Wanblad as CEO and Jonathan Price as deputy. The combined company, headquartered in Vancouver, targets about $800 million in annual pre-tax synergies by year four, plus revenue gains from optimizing Chilean copper mines.

    Naming leadership and quantifying synergies makes the merger's benefits more concrete, supporting Teck's valuation.

  • Copper tariff doubt triggers sharp sector selloff Copper mining stocks fell sharply after reports cast doubt on White House tariffs for refined copper. Teck slid 7% to $65.08, and benchmark copper dropped 3.1% from a record high. Despite the drop, Teck remains up 36% year to date.

    This is a fresh negative shock that directly hit Teck's price and highlights a key risk for copper producers.

Latest
▲5▼1

Teck's copper growth and Anglo merger advance, but tariff doubt jolts the sector

  • Anglo American clears coal sale ahead of Teck merger Anglo American agreed to sell its Australian steelmaking coal assets for up to $3.88 billion, simplifying its portfolio and cutting debt before combining with Teck. The merged company would be over 70% copper, tying Teck more directly to electrification and AI power demand.

    This deal removes a hurdle to the merger and sharpens Teck's copper focus, supporting the stock.

  • Teck mails merger election forms to shareholders Teck sent letters of transmittal to registered shareholders for its court-approved merger with Anglo American. Each Teck share converts to 1.3301 Anglo American shares. The election window is open, and shareholders must act before the deadline to receive consideration.

    This is a concrete step toward completing the merger, reducing uncertainty and supporting Teck's price.

  • Canada backs Teck's Trail critical minerals expansion Canada launched its Critical Minerals Accelerator with Teck's Trail Operations as the first deal. The Canada Growth Fund will invest up to $400 million, with total potential investment up to $850 million to double germanium and antimony output and possibly add gallium. This boosts Teck's growth prospects.

    Government funding and streamlined regulation for a new critical minerals project add value and reduce risk for Teck.

  • Record copper prices drive Q2 earnings surge Teck reported $2.2 billion adjusted EBITDA for Q2 2026, up 204% from last year, as record copper prices and 25% higher production lifted results. Adjusted profit was $1.93 per share. The Anglo American merger remains on track for closing within the original timeline.

    Strong earnings show Teck's core business is thriving and the merger is progressing, both positive for the stock.

  • Anglo Teck leadership named, synergies targeted Teck and Anglo American announced the future executive team for Anglo Teck, with Duncan Wanblad as CEO and Jonathan Price as deputy. The combined company, headquartered in Vancouver, targets about $800 million in annual pre-tax synergies by year four, plus revenue gains from optimizing Chilean copper mines.

    Naming leadership and quantifying synergies makes the merger's benefits more concrete, supporting Teck's valuation.

  • Copper tariff doubt triggers sharp sector selloff Copper mining stocks fell sharply after reports cast doubt on White House tariffs for refined copper. Teck slid 7% to $65.08, and benchmark copper dropped 3.1% from a record high. Despite the drop, Teck remains up 36% year to date.

    This is a fresh negative shock that directly hit Teck's price and highlights a key risk for copper producers.

US Dollar/Canadian Dollar FX Spot Rate (USDCAD.FOREX)

Q3 2026
▲3▼1

USDCAD climbs on Fed hike bets and Canadian job losses

  • Fed hike bets and safe-haven demand lift USD Expectations that the Federal Reserve will raise interest rates, plus safe-haven buying, supported the US dollar. Higher US rates attract global capital, pushing USD/CAD higher.

    This is a key new driver of USDCAD strength in Q3.

  • US-Canada trade retaliation and sticky inflation boost Fed odds Escalating trade retaliation between the US and Canada, along with US inflation stuck at 3.7%, increased the chance of Fed rate hikes. This widened the rate gap and pushed USD/CAD up.

    Trade tensions and inflation are new factors driving the pair higher.

  • Canadian jobs shock widens rate gap Canada lost 41,700 jobs while the US gained 162,000, and September saw another 68,300 Canadian job losses. This cut Bank of Canada hike odds, widening the rate gap and boosting USD/CAD.

    Canadian labor market weakness is a new negative for CAD.

  • Tariff cuts, steady BoC, oil rebound cap USD/CAD US-Canada tariff cuts, a steady Bank of Canada at 2.25%, rebounding oil, and fading Fed hike bets initially pulled USD/CAD toward 1.38. A record Canadian trade surplus also failed to lift the loonie.

    These are counterweights that limited USDCAD's rise.

September 2026
▲4

Trade War and Weak Jobs Keep Canadian Dollar Under Pressure

  • US-Canada trade war escalates, hitting the loonie Trump criticized the Canadian dollar's value and Canada's C$27.6B retaliation tariffs took effect, deepening the trade fight. Investors worry about Canada's export-dependent economy, so they sell the loonie and buy the US dollar, pushing USDCAD up.

    The escalating trade conflict is a core force weakening the Canadian dollar and lifting USDCAD.

  • CIBC sees USDCAD at 1.42 as Fed tightens, BoC holds CIBC expects the Fed to keep raising rates while the Bank of Canada stays put, keeping the Canadian dollar weak. Higher US rates attract money to the US dollar, so USDCAD is forecast to average 1.42 in late 2026.

    This bank forecast explains the interest-rate gap that is a major driver of USDCAD.

  • Record trade surplus fails to lift the loonie Canada's trade surplus hit a four-year high, but the Canadian dollar stayed near an 18-month low. Broad US dollar strength and worries about Canada's economy outweighed the good trade news, keeping USDCAD elevated.

    It shows that even positive Canadian data is not enough to strengthen the loonie against a strong US dollar.

  • Surprise job losses cut odds of a BoC rate hike Canada lost 68,300 jobs in September, far more than expected, and unemployment rose to 6.5%. With a weakening labor market, the Bank of Canada is less likely to raise rates, making the Canadian dollar less attractive and pushing USDCAD up.

    Weak jobs data directly reduces expectations for higher Canadian interest rates, a key negative for the loonie.

Latest
▲4

Trade War and Weak Jobs Keep Canadian Dollar Under Pressure

  • US-Canada trade war escalates, hitting the loonie Trump criticized the Canadian dollar's value and Canada's C$27.6B retaliation tariffs took effect, deepening the trade fight. Investors worry about Canada's export-dependent economy, so they sell the loonie and buy the US dollar, pushing USDCAD up.

    The escalating trade conflict is a core force weakening the Canadian dollar and lifting USDCAD.

  • CIBC sees USDCAD at 1.42 as Fed tightens, BoC holds CIBC expects the Fed to keep raising rates while the Bank of Canada stays put, keeping the Canadian dollar weak. Higher US rates attract money to the US dollar, so USDCAD is forecast to average 1.42 in late 2026.

    This bank forecast explains the interest-rate gap that is a major driver of USDCAD.

  • Record trade surplus fails to lift the loonie Canada's trade surplus hit a four-year high, but the Canadian dollar stayed near an 18-month low. Broad US dollar strength and worries about Canada's economy outweighed the good trade news, keeping USDCAD elevated.

    It shows that even positive Canadian data is not enough to strengthen the loonie against a strong US dollar.

  • Surprise job losses cut odds of a BoC rate hike Canada lost 68,300 jobs in September, far more than expected, and unemployment rose to 6.5%. With a weakening labor market, the Bank of Canada is less likely to raise rates, making the Canadian dollar less attractive and pushing USDCAD up.

    Weak jobs data directly reduces expectations for higher Canadian interest rates, a key negative for the loonie.

August 2026
▲3▼1

USDCAD swings on trade, rate gaps, and jobs data

  • Tariff cuts and steady BoC weaken USD/CAD US-Canada tariff cuts, a steady Bank of Canada at 2.25%, rebounding oil, and fading Fed hike bets strengthened the Canadian dollar, pulling USDCAD down toward 1.38.

    This explains the main downward force on USDCAD during the period.

  • Fed hike bets and safe-haven demand support USD Even as USDCAD fell, Fed hike expectations and safe-haven demand from US-Iran tensions supported the US dollar, limiting the loonie's gains.

    This shows the counterweight that prevented a larger USDCAD decline.

  • Trade retaliation and inflation boost USD/CAD From late August, escalating US-Canada trade retaliation and sticky US inflation at 3.7% boosted Fed hike odds, pushing USDCAD higher.

    This identifies the key drivers of the late-period reversal upward.

  • Canadian jobs shock widens rate gap A Canadian jobs shock (41,700 losses) versus strong US payrolls (162,000) widened the rate gap, further lifting USDCAD.

    This highlights the labor market divergence that accelerated USDCAD's rise.

▲3

Trade war escalation and rate gap drive USDCAD higher

  • US-Canada trade war escalation weakens CAD The US is considering more trade penalties, and Canada is retaliating with counter-tariffs on $20 billion of US goods. This trade fight hurts Canada's economy, so the Canadian dollar weakens and USDCAD rises.

    Directly explains a key new force pushing USDCAD up this period.

  • Sticky US inflation boosts Fed rate hike odds, supporting USD US inflation stayed high at 3.7%, increasing the chance the Fed raises interest rates. Higher US rates attract global money into dollar assets, so the US dollar strengthens and USDCAD rises.

    Shows a new monetary force widening the US-Canada rate gap in favor of USD.

  • Bank of Canada holds rate but warns on inflation The BoC kept its key rate at 2.25% but said inflation risks are rising. This cautious tone leaves the door open for future hikes, which could support the loonie, but for now the rate gap still favors the US dollar.

    Captures the BoC's latest stance, a key monetary factor with mixed implications for USDCAD.

  • Canadian jobs shock and strong US payrolls widen rate gap Canada lost 41,700 jobs in August while the US added 162,000. This weak Canadian data pressures the BoC to keep rates low, while strong US jobs support higher US rates, pushing USDCAD up.

    A major new data point that directly widens the interest rate differential favoring USD.

▼3▲1

US-Canada tariff cuts lift loonie; Fed-BoC policy gap still supports USD

  • US-Canada tariff deal progress strengthens CAD The US and Canada are close to a deal cutting steel and aluminum tariffs to 25% and autos to 15%, far below the 50% threatened. This reduces the trade penalty on Canada's economy, so the Canadian dollar strengthens and USDCAD falls toward 1.38.

    This is the biggest new force this period, directly lowering USDCAD by improving Canada's trade outlook.

  • Fed rate-hike bets and safe-haven demand support USD Renewed US-Iran tensions and Fed minutes showing some officials favour a hike pushed the dollar up. Higher US rates attract global money into dollar assets, so the USD strengthens and USDCAD rises.

    This is the main counterweight keeping USDCAD elevated despite Canada's tariff relief.

  • Bank of Canada holds at 2.25%, signals steady policy The BoC kept its key rate at 2.25% for a sixth straight time, saying growth is picking up and inflation will ease. A steady BoC, while the Fed may still hike, narrows the rate gap that had favoured the US dollar, weighing on USDCAD.

    It explains the policy backdrop that limits how far USDCAD can rise.

  • Oil rebound and fading Fed hike bets lift CAD Crude oil rebounded after Houthi attacks on Saudi tankers, and hopes for a US-Iran peace deal plus weaker Fed hike expectations pushed the dollar down. Higher oil helps Canada's commodity-linked economy, so the loonie gains and USDCAD falls.

    It shows a second new force pulling USDCAD lower through oil and shifting rate expectations.

Q2 2026
▲2▼1

Fed hawkish shift lifts USD/CAD; oil and AI hedging flows offer counterweight

  • Fed hawkish shift lifts USD/CAD to seven-month high The Fed's updated dot plot now projects a year-end rate of 3.8%, up from 3.4%, implying a hike in 2026. Higher US rates attract global capital to the dollar, pushing USD/CAD up to 1.4075 and beyond.

    This is the primary new driver of USD/CAD strength this period.

  • Widening US-Canada yield spreads drive CAD slump Scotiabank notes the Canadian dollar has fallen in a near straight line since early May because US interest rates are rising faster than Canada's. That gap makes US assets more attractive, so investors sell CAD and buy USD, pushing USD/CAD higher.

    Explains the sustained trend behind USD/CAD's rise, not just a one-day move.

  • Oil price gains and AI hedging flows support CAD US strikes on Iran lifted oil prices, helping Canada's commodity-linked dollar. Also, AI-driven equity hedging has supported the Canadian dollar while slightly weighing on the US dollar. These forces can push USD/CAD down, but so far they have only slowed its rise.

    Provides the main counterweight to the dominant USD strength story.

June 2026
▲2▼1

Fed hawkish shift lifts USD/CAD; oil and AI hedging flows offer counterweight

  • Fed hawkish shift lifts USD/CAD to seven-month high The Fed's updated dot plot now projects a year-end rate of 3.8%, up from 3.4%, implying a hike in 2026. Higher US rates attract global capital to the dollar, pushing USD/CAD up to 1.4075 and beyond.

    This is the primary new driver of USD/CAD strength this period.

  • Widening US-Canada yield spreads drive CAD slump Scotiabank notes the Canadian dollar has fallen in a near straight line since early May because US interest rates are rising faster than Canada's. That gap makes US assets more attractive, so investors sell CAD and buy USD, pushing USD/CAD higher.

    Explains the sustained trend behind USD/CAD's rise, not just a one-day move.

  • Oil price gains and AI hedging flows support CAD US strikes on Iran lifted oil prices, helping Canada's commodity-linked dollar. Also, AI-driven equity hedging has supported the Canadian dollar while slightly weighing on the US dollar. These forces can push USD/CAD down, but so far they have only slowed its rise.

    Provides the main counterweight to the dominant USD strength story.

▲2▼1

Fed hawkish shift lifts USD/CAD; oil and AI hedging flows offer counterweight

  • Fed hawkish shift lifts USD/CAD to seven-month high The Fed's updated dot plot now projects a year-end rate of 3.8%, up from 3.4%, implying a hike in 2026. Higher US rates attract global capital to the dollar, pushing USD/CAD up to 1.4075 and beyond.

    This is the primary new driver of USD/CAD strength this period.

  • Widening US-Canada yield spreads drive CAD slump Scotiabank notes the Canadian dollar has fallen in a near straight line since early May because US interest rates are rising faster than Canada's. That gap makes US assets more attractive, so investors sell CAD and buy USD, pushing USD/CAD higher.

    Explains the sustained trend behind USD/CAD's rise, not just a one-day move.

  • Oil price gains and AI hedging flows support CAD US strikes on Iran lifted oil prices, helping Canada's commodity-linked dollar. Also, AI-driven equity hedging has supported the Canadian dollar while slightly weighing on the US dollar. These forces can push USD/CAD down, but so far they have only slowed its rise.

    Provides the main counterweight to the dominant USD strength story.