Canadian Dollar: Holds near fair value against US Dollar – Scotiabank

FXStreetJul 23, 2026 6:57 PM

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Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is tracking the broader US Dollar (USD) trend, with USD/CAD easing overnight then rebounding to trade nearly flat. Trade comments from United States (US) officials suggest limited long‑term tariff damage, while their fair value estimate for USD/CAD remains close to spot around 1.40.

CAD tracks broader Dollar trend

"The CAD is tracking the broader trend in the USD, with spot easing somewhat overnight before rebounding to start our session all but flat."

"US Trade Representative Greer yesterday offered some hope that the latest tariff blast from Washington would not undermine US/Canada trade relations in the long run and that talks could make progress towards a broader agreement before year-end."

"Our fair value estimate for the CAD is all but unchanged at 1.4013."

"Neutral—There is little change in the CAD’s technical position. Spot is pivoting around the 40-day MA (1.4074) but holding below USD resistance at 1.4125 and above initial support at 1.4060."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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