CAD Steady at 1.3960 as Oil Prices Rebound

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3860-1.4060

Euro                 1.4600-1.4800

Sterling            1.7550-1.7750

WTI Oil (opening level) $70.30

The Canadian dollar (CAD) opened at 1.3960 (0.7163), building on its recent gains. As a commodity-linked currency, the CAD has found support from strengthening crude oil prices and ongoing market shifts.

During the European trading session, the USD/CAD pair is holding steady around 1.3960. The pair’s performance reflects the influence of external factors, including commodity market trends and shifts in investor sentiment.

West Texas Intermediate (WTI) crude oil prices have rebounded, trading above $70 per barrel. This recovery follows losses recorded earlier in the week and comes amid heightened concerns over potential disruptions in global oil supply. The rebound has provided renewed support for oil-dependent currencies, including the Canadian dollar.

The recovery in oil prices aligns with a period of cautious optimism in commodity markets. As traders evaluate supply chain risks, demand projections, and fluctuating energy prices, currencies like the CAD often reflect these changes. The correlation between crude oil and the Canadian dollar remains a key driver of the pair’s movements.

With crude oil stabilizing and the USD/CAD pair showing resilience, the CAD continues to draw attention in the market. Future movements will likely depend on developments in the energy sector and broader economic trends.