Scotiabank strategists cite softer oil prices and geopolitical risks as drivers for renewed CAD depreciation against USD.
The Canadian Dollar (CAD) is under pressure as USD/CAD approaches the 1.40–1.41 range, driven by declining oil prices and heightened geopolitical concerns. Strategists highlight the pair’s year-to-date highs amid broad US Dollar strength.
Earlier sessions saw USD/CAD trading below 1.38, but recent shifts in commodity markets and risk sentiment have accelerated the move. Comparable periods of CAD weakness often coincide with oil price declines and global uncertainty.
No immediate market reaction data was provided, but the trend reflects broader USD resilience against commodity-linked currencies.