Canadian Dollar: Range holds against US Dollar as trade risks linger – Scotiabank

FXStreetJul 24, 2026 2:24 PM

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Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is little changed against the US Dollar (USD), with slightly better fundamentals as United States (US) yields ease and spreads narrow. However, ongoing tariff uncertainty and comments from PM Carney on potential retaliation keep USD/CAD supported. Technically, the pair pivots around its 40-day moving average, with resistance near 1.4125 and support around 1.4060.

CAD steady with technical range intact

"The CAD is all but flat on the session. The fundamental backdrop for the CAD is a little more positive for the CAD is late week trading as US yields edge off their highs and front-end spreads narrow."

"But the CAD may still struggle to gain support as trade tensions linger. PM Carney said Canada is weighing all options for possible retaliation if there is no agreement to avoid 50% tariffs next month."

"Neutral—There is still no real change in the CAD’s technical condition."

"Spot is pivoting around the 40-day MA (which has nudged up to 1.4081 this morning) and it remains well 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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