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fxJun 23, 2026, 1:49 PM

Canadian Dollar Softens as USD Rally Persists – Scotiabank

Scotiabank strategists note the Canadian Dollar remains soft despite a modest gain against the US Dollar, supported by firmer May CPI and stable US-Canada spreads.

USDCAD

Scotiabank strategists Shaun Osborne and Eric Theoret observe that the Canadian Dollar (CAD) retains a soft undertone. This comes even after CAD posted its first modest gain against the US Dollar (USD) in eight sessions.

The slight recovery was aided by a firmer-than-expected May Consumer Price Index (CPI) reading and steadier US-Canada interest rate spreads. However, the overall trend remains in favor of USD strength, keeping CAD under pressure.

Source: FXStreet Forex News