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fxJun 11, 2026, 2:18 PM

Scotiabank: USD/CAD Eyes 1.40–1.41 on CAD Weakness

Scotia strategists note renewed Canadian dollar weakness as softer oil prices and geopolitical concerns push USD/CAD toward a 1.40–1.41 range, setting new year-to-date highs.

USDCAD

USD/CAD continues to strengthen as the Canadian dollar faces renewed headwinds, according to Scotiabank strategists Shaun Osborne and Eric Theoret. They point to softer oil prices and ongoing geopolitical concerns as key drivers pushing the pair to fresh year-to-date highs.

The strategists highlight that the US dollar appears overbought but still has room to extend gains, with the 1.40–1.41 range now in focus. The move reflects a broader CAD weakness rather than USD strength alone.

No specific levels were cited beyond the targeted range, and the outlook remains tied to oil price dynamics and geopolitical developments.

Source: FXStreet Forex News