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The Canadian Dollar (CAD) is holding a minor gain against the mixed USD to start the week, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
💡 DMK Insight
The CAD’s minor gain against a mixed USD signals potential volatility ahead for forex traders. With the USD showing mixed signals, traders should be cautious. The CAD’s strength could be tied to recent economic data or commodity prices, particularly oil, which often influences the Canadian economy. If oil prices remain stable or rise, the CAD could strengthen further, impacting USD/CAD trading strategies. Watch for key resistance levels around recent highs; a break could signal a stronger bullish trend for the CAD. However, don’t overlook the flip side. If the USD gains momentum due to positive economic indicators or Federal Reserve policy shifts, the CAD could quickly reverse its gains. Keep an eye on the broader economic context, including interest rate expectations and geopolitical developments, as these factors could create unexpected volatility in the CAD/USD pair.
📮 Takeaway
Monitor USD/CAD closely; a break above recent highs could signal a bullish CAD trend, while USD strength could reverse gains.
