Scotiabank strategists note USD/CAD remains range-bound as lower oil prices offset improved risk sentiment for the CAD.
The USD/CAD pair shows minimal movement as declining oil prices counterbalance improved risk appetite, limiting gains for the Canadian Dollar. Scotiabank strategists highlight a persistent technical downtrend favoring the CAD despite mixed market drivers.
Earlier crude price declines had provided tailwinds for the CAD, but recent weakness in oil markets has offset those benefits. The pair’s stability reflects broader uncertainty in commodity-linked currencies amid shifting risk sentiment.
No immediate market reaction was specified, though the technical outlook suggests potential further CAD strength if downside momentum continues.