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fxJul 17, 2026, 8:41 AM

USD/CAD Forecast: Further Downside to 1.3970 Possible

USD/CAD edged lower to around 1.4033 during European trading, with analysts seeing potential for a drop toward 1.3970 as the Canadian dollar strengthens on rising oil price concerns.

USDCAD

USD/CAD traded marginally lower near 1.4033 in the European session on Friday. The pair edged down as the Canadian dollar outperformed major peers amid fears that oil prices could accelerate.

Technically, the forecast suggests more downside risk, with the next target at 1.3970. The move reflects growing CAD strength linked to oil market dynamics.

Source: FXStreet Forex News