FX markets and central banks Overview - USD/CAD - AUD/USD

During the week of August 17–21, 2026, major currency pairs rallied against the U.S. dollar amid shifting monetary policy expectations. While accelerated Canadian inflation bolstered the CAD and a cooling job market complicated the RBA’s outlook in Australia, markets looked past hawkish FOMC minutes to price in upcoming Fed rate cuts, driving broad gains led by NZD and AUD.