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Figure Heloc 
The Canadian Dollar (CAD) is soft and entering Thursday’s NA session with a modest decline vs. the US Dollar (USD), Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
💡 DMK Insight
The CAD’s recent softness against the USD signals potential volatility ahead for forex traders. With the Canadian Dollar slipping, it’s crucial to consider the broader economic context, particularly the impact of oil prices, as Canada is a major oil exporter. If oil continues to weaken, we could see further CAD depreciation, especially if the USD remains strong amid ongoing interest rate discussions. Traders should keep an eye on key support levels for the CAD, as a break below these could trigger stop-loss orders and exacerbate the decline. Additionally, watch for any shifts in Canadian economic data releases that could influence the CAD’s trajectory. The market’s sentiment around the USD, especially in relation to upcoming Federal Reserve announcements, will also play a significant role in this dynamic. On the flip side, if the CAD finds support and rebounds, it could present a buying opportunity for those looking to capitalize on a potential reversal. Keep an eye on the 1.25 level against the USD as a critical watchpoint for potential bullish setups.
📮 Takeaway
Monitor the CAD’s performance against the USD, especially around the 1.25 level, as oil prices and economic data could drive significant moves.
