TRENDING:

GBP/USD

XAU/USD

USD/CAD Price Analysis: Leaps to 14-month high near 1.36 as Saudi Arabia opens oil price war

Yohay Elam FXStreet

USD/CAD has kicked off the new week with a leap to 1.3585. The move is a jump of over 1% on the close on Friday, sending the currency pair to the highest levels since January 2019.

The Canadian dollar is sold off as oil prices are set to plunge. Saudi Arabia will reportedly raise oil output and reduce the price of petrol exports in a bid to capture a higher market share. It is thus opening a "price war" against its rival Russia. Talks between OPEC countries led by the Middle-Eastern kingdom and non-OPEC countries led by the successor to the Soviet Union collapsed on Friday.

Saudi Arabia sought to extend and deepen the multi-year agreement to curb production of the black gold amid prospects for falling demand due to the spread of coronavirus. Respiratory disease has been spreading around the world and causing major disruptions. Crude prices tumbled on Friday, carrying the loonie with them. An extension of this fall is on the cards for Monday.

Here is how Dollar/CAD looks on the daily chart. With this jump, the currency pair surged above the May 2019 high around 1.3565. The next target is 1.3660. Support awaits at 1.3465, a peak seen in late February.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD bounces toward 1.1750 as US Dollar loses strength

EUR/USD returned to the 1.1750 price zone in the American session on Friday, despite falling Wall Street, which indicates risk aversion. Trading conditions remain thin following the New Year holiday and ahead of the weekend, with the focus shifting to US employment and European data scheduled for next week.

GBP/USD nears 1.3500, holds within familiar levels

After testing 1.3400 on the last day of 2025, GBP/USD managed to stage a rebound. Nevertheless, the pair finds it difficult to gather momentum and trades with modest intraday gains at around 1.3490 as market participants remain in holiday mood.

Gold trims intraday gains, approaches $4,300

Gold retreated sharply from the $4,400 area and trades flat for the day in the $4,320 price zone. Choppy trading conditions exacerbated the intraday decline, although XAU/USD bearish case is out of the picture, considering growing expectations for a dovish Fed and persistent geopolitical tensions.

Cardano gains early New Year momentum, bulls target falling wedge breakout

Cardano kicks off the New Year on a positive note and is extending gains, trading above $0.36 at the time of writing on Friday. Improving on-chain and derivatives data point to growing bullish interest, while the technical outlook keeps an upside breakout in focus.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is. Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2026