Scotiabank sees USD/CAD downside toward 1.35-1.37
Scotiabank strategists argue the Canadian dollar is poised for more gains, with USD/CAD likely to move from near 1.3870 toward the 1.35-1.37 area.
USDCAD
Strategists Shaun Osborne and Eric Theoret note that USD/CAD is trading near equilibrium around 1.3870. They see scope for further Canadian dollar strength, targeting 1.35-1.37 against the US dollar.
The Canadian dollar is supported by narrower front-end spreads and firm crude oil prices. According to Scotiabank, investors appear relatively unconcerned by looming US tariff risks for now.
This outlook implies a lower USD/CAD path from current levels if the supportive CAD fundamentals persist.
Source: FXStreet Forex News