Invesco CurrencyShares Canadian Dollar Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338711
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450277
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 27 previous paragraphs and 27 current paragraphs.
20 unchanged; 3 reworded; 4 added; 4 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 modestly negative performance during the third quarter of 2026. The currency strengthened through much of the summer as the U.S. dollar softened, Canadian economic data improved and elevated oil prices supported Canada’s terms of trade. However, those gains reversed late in the quarter as the Federal Reserve raised rates in September while the Bank of Canada held its policy rate steady, widening the interest-rate advantage in favor of the US. Renewed Canada-US trade tensions and concerns about the durability of Canada’s economic recovery also weighed on the Canadian dollar toward quarter-end.
Current report
The Canadian Dollar (CAD/USD) declined in the third quarter of 2025. Weak employment data, a softer inflation print, a large miss in the second quarter of 2025 annualized GDP, and tariff-related headwinds all weighed on the CAD. The Bank of Canada also cut interest rates by 0.25% in September. While USD weakness provided some support in the first half of the year, the USD’s regained strength during the quarter added pressure on the CAD. Furthermore, with Canada being a major oil exporter, falling energy prices amid mounting concerns about an upcoming global oil supply overhang continued to cap the pair.
Current report
The Canadian Dollar (CAD) delivered negative performance year-to-date through the third quarter of 2026 as persistent U.S. dollar strength and a wide interest-rate differential outweighed support from elevated oil prices. Earlier in the year, geopolitical uncertainty, softer Canadian growth and concerns about trade with the US pressured the currency, while the Bank of Canada maintained a cautious policy stance. The Canadian Dollar recovered during parts of the summer as domestic economic data improved, oil prices remained firm and the U.S. dollar weakened, but the advance reversed late in the third quarter after the September Federal Reserve rate hike widened the policy-rate gap with Canada. Renewed trade uncertainty and lingering concerns about subdued Canadian growth added to the pressure, leaving the currency weaker over the period.
Current report
The Canadian Dollar (CAD/USD) appreciated in the first three quarters of 2025, mainly supported by a weaker US dollar. The majority of the gains occurred in the second quarter, when stronger Canadian inflation data lowered the chances of the Bank of Canada cutting rates, which boosted the CAD even amid challenges from weaker energy prices. Q3 pared some of these gains as a deteriorating macro backdrop paved the way for the resumption of the Bank of Canada's easing cycle, and the USD gained some ground. However, sustained weakness in oil prices weighed on the CAD for the entirety of the period, outweighing the positive impact from USD depreciation.
Removed paragraphs (4)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (3)
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
Previous 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.
Current wording
During the three and nine months ended September 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 may be considered to be unusual or infrequent events. For the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 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.
Previous 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.
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 generate net comprehensive income.