Does redeeming a gift card from a different country convert the currency to my country?

So let's say I live in Canada and I buy a US gift card. Would the money from that guft card be converted to my own currency? I remember it used to work years ago but not sure if Valve has made any changes to it.

I know for a fact you couldn't do the conversion with Argentina and Turkey. But not sure about other countries now in 2025.