Canadian Dollar remains rangebound as weaker US Dollar offsets lower Oil prices

USD/CAD trades little changed as both the US Dollar and the Canadian Dollar face headwinds.
Lower Oil prices weigh on the commodity-linked Canadian Dollar.
A softer US Dollar limits the pair's upside despite stronger-than-expected US Jobless Claims.

Ghiles Guezout FXStreet

USD/CAD trades around 1.4170 on Thursday at the time of writing, virtually unchanged on the day, as weakness in the US Dollar (USD) offsets the negative impact of lower Oil prices on the Canadian Dollar (CAD).

The Canadian Dollar remains under pressure as Crude Oil prices extend their corrective pullback after the recent geopolitical-driven rally. Although tensions in the Middle East remain elevated after the United States (US) and Iran exchanged military strikes for a second consecutive day, traders appear to be unwinding part of their recent bullish Oil positions, weighing on the commodity-linked Loonie.

Still, downside pressure on the Canadian currency remains limited by expectations that the Bank of Canada (BoC) could resume tightening later this year. The central bank left its policy rate unchanged at 2.25% in June, while swap markets now price roughly a 60% chance of a rate hike before year-end, up from around 40% earlier this week.

Scotiabank strategists Shaun Osborne and Eric Theoret said that "the CAD has performed relatively well through the overnight volatility," adding that negative sentiment toward the Canadian Dollar continues to moderate despite recent market swings.

Meanwhile, the US Dollar also weakens on Thursday, preventing USD/CAD from moving higher despite stronger-than-expected US labor market data. The US Department of Labor reported that Initial Jobless Claims declined to 215K in the week ending July 4, below the previous week's revised 217K reading and the market forecast of 218K. Continuing Jobless Claims edged up slightly to 1.814M.

The positive labor market data provides some support to the Greenback by reinforcing the view that the US economy remains resilient. However, the US Dollar continues to ease as investors remain focused on broader market sentiment and geopolitical developments, leaving USD/CAD trapped in a narrow range around 1.4170.

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.16%	-0.06%	-0.16%	0.03%	-0.16%	-0.87%	-0.17%
EUR	0.16%		0.11%	0.00%	0.18%	0.02%	-0.68%	0.00%
GBP	0.06%	-0.11%		-0.11%	0.08%	-0.08%	-0.79%	-0.10%
JPY	0.16%	0.00%	0.11%		0.18%	0.04%	-0.70%	0.00%
CAD	-0.03%	-0.18%	-0.08%	-0.18%		-0.16%	-0.87%	-0.17%
AUD	0.16%	-0.02%	0.08%	-0.04%	0.16%		-0.71%	-0.01%
NZD	0.87%	0.68%	0.79%	0.70%	0.87%	0.71%		0.69%
CHF	0.17%	-0.00%	0.10%	-0.01%	0.17%	0.01%	-0.69%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

Author

Ghiles Guezout

FXStreet

Ghiles Guezout is a Market Analyst with a strong background in stock market investments, trading, and cryptocurrencies. He combines fundamental and technical analysis skills to identify market opportunities.

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