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4 Apr 2025

CAD gives up some gains on weak risk mood – Scotiabank

The Canadian Dollar (CAD) is softer, losing ground against a generally stronger USD, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD’s technical undertone is weakening

"Tariffs are having an immediate impact on the domestic economy, with 6k auto workers temporarily idled by Stellantis as a result of this week’s tariff news. Our USD/CAD fair value estimate has weakened below 1.40 for the first time since November, largely reflecting the generally soft USD undertone.

"But that does shift the likely range for USD/CAD lower and limit the USD’s ability to strength – perhaps to somewhere around the 1.4250 area – for now. The USD is tracking a little higher intraday and short-term, corrective gains may extend modestly."

"But the USD’s technical undertone is weakening – the daily DMI study has flipped to USD-bearish for the first time since October – which should serve to limit the USD’s ability to strengthen and hold gains. Resistance sits at 1.4240/50, the start of a deep band of congestion that extends up to 1.4400/20. Fade USD gains."

Apr 4, 2025

Oil prices under pressure after US tariff announcement – Commerzbank

Oil prices came under significant pressure following US President Trump's tariff announcements, Commerzbank's commodity analyst Carsten Fritsch notes.
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Apr 4, 2025

Kazakh oil production at record level also in March – Commerzbank

Kazakhstan's oil production is said to have risen to a new record level in March, Reuters reported, citing informed sources, Commerzbank's commodity analyst Carsten Fritsch notes.
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