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USD/CAD has been fluctuating around the 1.40 level as the impact of higher oil has been offset by USD strength. Economists at Danske Bank see the pair trading lower in the coming months.

Key quotes

“We still pencil in a lower cross as the reopening of the global economy contributes to stabilising commodity imbalances.” 

“We forecast USD/CAD at 1.40 in 1M, 1.38 in 3M, 1.37 in 6M and 1.35 in 12M.”