The reduction from May’s $126.93 billion total was heavily influenced by negative revaluation effects amounting to $860 million, which outweighed gains from reserve management operations and investment returns. Despite these market-driven fluctuations, the government maintained a steady hand, reporting no official intervention activity. Canada currently holds no gold, focusing instead on a portfolio dominated by foreign-currency securities, special drawing rights, and deposits.

At the end of June, the reserve composition was split across several major global currencies, with U.S. dollar holdings reaching $65.95 billion, followed by $16.03 billion in euros, $8.29 billion in pounds sterling, and $6.27 billion in yen. Parallel to these reserve adjustments, the government saw a slight contraction in its short-term debt profile, as the total of outstanding Canada bills—securities sold on the U.S. money market—dipped by $106 million to settle at $1.37 billion.