The Canadian Dollar (CAD) is exhibiting a slight decline during today’s trading, yet it is demonstrating more resilience compared to other major currencies against the US Dollar’s widespread recovery, according to Shaun Osborne, Chief FX Strategist at Scotiabank.
CAD Maintains Sideways Trend
“The exchange rate is largely confined to its current trading band as market participants await the results of the Federal election and evaluate the potential implications for Canada’s strategy regarding trade discussions with the United States. Retail Sales figures for February are anticipated to decrease by 0.4% for the month, aligning with the preliminary figures released alongside the (disappointing) January report.”
“It’s worth remembering that sales saw a significant surge towards the end of the previous year due to the government’s temporary tax reduction, which accelerated some economic activity. Concerns about tariffs also likely influenced consumer behavior. The exchange rate continues to consolidate.”
