Canadian Dollar falls further as USD haven demand counters WTI surge

USD/CAD extends the rebound as the US Dollar regains safe-haven demand amid US-Iran re-escalation.
The commodity-linked Canadian Dollar could draw support from surging WTI prices, following the US blockades to the Strait of Hormuz.
Middle East headlines are set to remain the main driver for the USD/CAD pair.

Dhwani Mehta FXStreet

The Canadian Dollar (CAD) is extending its pullback from two-week highs of 1.3844 against the US Dollar (USD) early Monday, with USD/CAD capitalizing on the renewed demand for the Greenback as a go-to safe-haven.

The USD rejoices new phase of escalation in the US-Iran war as the recent ceasefire agreement appears at risk following the weekend breakdown of peace talks between both sides.

In the aftermath of the fallout, US President Donald Trump vowed blockades to the Strait of Hormuz, while considering resuming limited military strikes in Iran in an attempt to break a gridlock in peace talks.

However, the further upside in the USD/CAD pair appears limited amid the extensive surge in Oil price, in the face of the Middle East re-escalation and a potential threat to the US-Iran ceasefire agreement.

West Texas Intermediate (WTI) – the US oil benchmark opened with a bullish gap and rallied as much as 8% in the weekly opening hours. The black gold is aiming for a retest of the $100 mark, as of writing.

Canadian Dollar Price Today

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

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.45%	0.56%	0.24%	0.25%	0.70%	0.62%	0.45%
EUR	-0.45%		0.10%	-0.22%	-0.21%	0.22%	0.17%	0.04%
GBP	-0.56%	-0.10%		-0.30%	-0.32%	0.13%	0.07%	-0.09%
JPY	-0.24%	0.22%	0.30%		-0.04%	0.41%	0.34%	0.24%
CAD	-0.25%	0.21%	0.32%	0.04%		0.49%	0.40%	0.22%
AUD	-0.70%	-0.22%	-0.13%	-0.41%	-0.49%		-0.05%	-0.14%
NZD	-0.62%	-0.17%	-0.07%	-0.34%	-0.40%	0.05%		-0.14%
CHF	-0.45%	-0.04%	0.09%	-0.24%	-0.22%	0.14%	0.14%

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

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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