Invesco CurrencyShares Canadian Dollar Trust
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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, 2026 · Filed Aug 7, 2026
FXC$69.19-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-209777
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338711
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 25 previous paragraphs and 27 current paragraphs.
21 unchanged; 2 reworded; 4 added; 2 removed; 0 previous and 0 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 (4)
Current report
The Canadian dollar (CAD) delivered negative performance during the second quarter of 2026 as strength in the U.S. Dollar ("USD") outweighed support from elevated oil prices. Middle East tensions initially lifted crude oil prices and supported Canada’s energy-export-driven economy, but easing concerns over supply disruptions following U.S.-Iran ceasefire negotiations, along with lower energy prices later in the quarter, reduced that tailwind. At the same time, the Bank of Canada maintained its policy rate at 2.25% as policymakers balanced soft economic growth against energy-driven inflation pressures. Despite periodic support from commodity markets, broader USD strength amid a more hawkish U.S. interest rate outlook weighed on the Canadian dollar during the period.
Current report
The Canadian Dollar (CAD/USD) moved higher in the second quarter of 2025, helped by continued weakness in the USD 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) delivered negative performance year-to-date through the second quarter of 2026, as persistent USD strength more than offset the benefits of Canada's commodity exposure. Early in the year, elevated crude oil prices and Canada's position as a major energy exporter provided support for the currency, but those gains were tempered by heightened geopolitical uncertainty and weaker risk appetite. As the year progressed, easing concerns around Middle East supply disruptions reduced support from energy markets, while the Bank of Canada maintained a cautious policy stance amid soft economic growth and inflation pressures tied to higher energy costs. Against this backdrop, expectations for U.S. interest rates to remain higher for longer continued to favor the USD, leaving the Canadian Dollar modestly weaker over the period.
Current report
The Canadian Dollar (CAD/USD) appreciated year-to-date through the second quarter of 2025, supported mainly by continued weakness in the USD. 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.
Removed paragraphs (2)
Previous report
The Canadian Dollar (CAD) received some support during the first quarter of 2026 from higher energy prices, reflecting Canada’s role as a major energy exporter. Despite this tailwind, the Fund posted negative performance as broad gains in the U.S. dollar placed sustained pressure on the currency. While short‑term Canadian interest rates continued to generate income and helped offset expenses, they remained below U.S. rates and provided limited support. At the same time, geopolitics‑driven risk‑off sentiment reduced investor appetite for the typically more risk‑sensitive CAD. As a result, U.S. dollar strength ultimately drove a modest decline in Fund performance during the quarter.
Previous report
The Canadian Dollar ended the first quarter of 2025 flat. Despite U.S. dollar 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 U.S. 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, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the three months ended March 31, 2026 and 2025, 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, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three and six months ended June 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three and six months ended June 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.
Previous wording
Additionally, the interest rate paid by the Depository has remained flat over the past year to the current interest rate of 0.51%, as set forth in the FXC Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Current wording
Additionally, the interest rate paid by the Depository has generally remained flat over the past year to the current interest rate at 0.51%, as set forth in the FXC Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.