Jens Pedersen, Senior Analyst at Danske Bank, sees the pair in a rangebound pattern in the short-term. Key Quotes “The oil price has rallied on the re-pricing of the path of Federal Reserve rate hikes this year and next year and a decline in USD. Both factors have weighed on USD/CAD over the past month”. “We see stable USD/CAD in the short-run as we expect oil prices to stay around the current level”. “On 6M-12M, a recovery in oil prices, a stronger external economic situation and valuation would send USD/CAD lower”. For more information, read our latest forex news.