CAD Weighed by Weaker Oil, USD Holds Near 1.40 – Scotiabank
Scotiabank strategists note the Canadian Dollar remains pressured by declining oil prices amid Iran peace hopes, though improved risk appetite provides limited support. The USD/CAD pair holds near the 1.40 ceiling.
USDCAD
Scotiabank strategists Shaun Osborne and Eric Theoret report that the Canadian Dollar (CAD) continues to face headwinds from weaker oil prices, linked to renewed hopes for peace in Iran. This negative factor offsets some support from improved risk appetite in broader markets.
The USD/CAD pair remains near the key 1.40 resistance level, with the US Dollar showing resilience. The strategists observe that the CAD's downside is limited for now, but oil price dynamics remain a critical driver.
Source: FXStreet Forex News