Ideally you should enable multi-currency for you QBO (USD and CAD)

The 34,000 is not your exchange gain/loss

To break it down (I will assume you reporting currency is CAD)

On Jan 1, 2024 -

Exchange Rate = 1.31

USD Bank = 100,000 USD

CAD Bank = 0 CAD

Total Bank Amount=100000*1.31=131,000 CAD

On Jan 10, 2024 - You decide to transfer 100,000 USD to CAD

Exchange Rate = 1.34

USD Bank = 0 USD

CAD Bank = 134,000 CAD

Total Bank Amount=134,000 CAD

Exchange Gain/(loss) = 134,000 - 131,000 = 3,000 CAD

If you have multi-currency option enabled, then this exchange gain/loss will be taken care of automatically by QBO and reported under Exchange gain/(loss). 

I hope that helps.