Canadian Dollar: Uptrend resumes with fair value focus against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note that the Canadian Dollar (CAD) is trading close to its fundamental equilibrium, with USD/CAD hovering near fair value around 1.38.
The Canadian Dollar (CAD) is resuming its uptrend, focusing on fair value against the US Dollar (USD), according to Scotiabank strategists Shaun Osborne and Eric Theoret. Currently, USD/CAD is near the fair value range around 1.38. Recent US Dollar (USD) gains have stalled, signaling a broader downtrend from mid-year peaks. Technical resistance is observed in the low/mid 1.39s, while support is near 1.37, guiding near-term trading expectations.
The CAD is showing resilience despite heightened trade tensions with the US, with President Trump targeting Bombardier jets and the CAD in recent days. The Treasury's recent focus on the CAD suggests the administration's mercantilist policy focus may be shifting towards traditional levers, such as exchange rates.
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