Canadian Dollar weakens as safe-haven flows boosts USD; Oil surge caps gains for USD/CAD
The USD/CAD pair attracts fresh buyers at the start of a new week and reverses a major part of Friday's losses to the 1.3625 area or a nearly two-week low. Spot prices trade around the 1.3665-1.3670 region during the Asian session, up 0.15% for the day.
The US Dollar (USD) shot to a fresh high since January 23 in reaction to the US and Israel strikes against Iran over the weekend, which raises concerns of a broader conflict in the Middle East. This, in turn, triggered a fresh wave of the global risk-aversion trade and forced investors to take refuge in traditional safe-haven assets, including the USD, providing a modest lift to the USD/CAD pair.
Meanwhile, Iran attacked several ships passing through the Strait of Hormuz, fueling concerns about near-term disruptions in oil markets and pushing the black liquid to its highest level since June 2026. This offers some support to the commodity-linked Loonie and might keep a lid on any further appreciation for the USD/CAD pair, warranting some caution for bullish traders.
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