Invesco CurrencyShares Canadian Dollar Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 32 current paragraphs.
21 unchanged; 2 reworded; 7 added; 1 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
The Canadian Dollar (CAD/USD) moved higher in the second quarter of 2025, helped by continued weakness in the U.S. dollar and a shift in domestic interest rate expectations. Canadian inflation data in June came in stronger than expected, making it less likely that the Bank of Canada will cut rates in July. This gave the CAD a boost, though weak energy prices limited the upside.
Current report
The Canadian Dollar (CAD/USD) continued lower in the second quarter of 2024. The main driver for this was gains in the US
Current report
dollar, with the Fed sticking to its more hawkish stance, causing further delays in rate cut expectations. However, renewed weakness
Current report
in oil prices in the second quarter of 2024 due to weakening macro sentiment, fading geopolitical risk premium, US crude inventory
Current report
builds, and OPEC’s plans to gradually bring back barrels later this year, added further downward pressure.
Current report
The Canadian Dollar (CAD/USD) appreciated year-to-date through the second quarter of 2025, supported mainly by continued weakness in the U.S. dollar. In the first quarter of 2025, the CAD remained mostly flat as falling oil prices, tariff tensions with the U.S., and broader risk-off sentiment weighed on performance. However, in the second quarter of 2025, the Canadian Dollar gained ground as inflation data came in stronger than expected, lowering the chances of a Bank of Canada rate cut in July. This shift in interest rate expectations helped the CAD rise, even as oil continued to struggle, but weak energy prices were still a headwind for the pair.
Current report
outweighed by the USD gains.
Removed paragraphs (1)
Previous report
The Canadian Dollar (CAD/USD) ended the first quarter of 2025 flat. Despite US dollar (USD) weakness due to recession and stagflation concerns, tariff tensions with the US and plunging oil prices kept the lid on gains. With Canada being one of the first targets of President Trump’s tariff policies, the country’s economic outlook soured. Furthermore, turmoil in US financial markets led to a broader risk off move that included commodities, which negatively impacted the CAD given the country is a major energy exporter.
Reworded paragraphs (2)
Previous wording
During the three months ended March 31, 2025 and 2024, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and six months ended June 30, 2025 and 2024, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust’s net comprehensive income (loss) during the six months ended June 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Previous wording
The Canadian Dollar (CAD/USD) was pressured in the first quarter of 2024, mainly by gains in the USD. The Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts. Higher rates generally provide support for the country’s currency. US economic resilience also boosted demand for the USD, pressuring the pair. While rising energy prices typically benefit the Canadian Dollar given the country is a major exporter of crude oil, the positive impact was outweighed by the mentioned USD gains.
Current wording
The Canadian Dollar (CAD/USD) was pressured in the first half of 2024, mainly by gains in the US dollar. The Fed’s higher-for longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts. Higher rates generally provide support
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
for the country’s currency. US economic resilience also boosted demand for the dollar, pressuring the pair. While rising energy prices
Current report — wording carried from elsewhere
did limit some of the downside in the first quarter of 2024, given the country is a major exporter of crude oil, the positive impact was