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fxJul 20, 2026, 2:59 PM

TD Securities: Rate Divergence Weighs on Canadian Dollar Against USD

TD Securities strategists note that softer Canadian CPI data is lifting USD/CAD as rate divergence remains a key driver, with broad USD strength expected to limit downside below 1.40. Higher oil prices are seen as supportive for CAD on crosses but not against the greenback.

USDCAD

TD Securities analysts point to softer Canadian Consumer Price Index (CPI) figures as a factor pushing USD/CAD higher, citing ongoing rate divergence between the U.S. and Canada. They argue that broad U.S. dollar strength should keep USD/CAD from falling much below the 1.40 level.

While higher oil prices could support the Canadian dollar against other currencies, the strategists believe this is unlikely to reverse CAD weakness versus the USD. The commentary reinforces a bearish near-term outlook for the loonie as monetary policy paths diverge.

Source: FXStreet Forex News