USD/CAD Slips Near 1.3780 as Surging Oil Lifts the Canadian Dollar

The USD/CAD pair is down 0.25% to near 1.3780 as the loonie outperforms on surging oil prices. A separate stamp on the same page puts USD/CAD at 1.3783.

Oil lead; Hormuz risk premium

As of writing on the page, WTI is up around 0.8% to near $91.50, close to its over-a-month high of $92.25, a level previously touched on June 8. Oil has rallied further amid fears of prolonged energy-supply disruption around the Strait of Hormuz — attributed here. Hormuz is not reopened. WTI $91.15, WTI Asia, and weekend US–Iran tanker strikes.

The US Dollar Index trades 0.11% lower to near 98.80. Higher energy prices bode well for currencies from net energy exporters such as Canada.

Kuwait’s ~1M b/d export recovery via Hormuz and STS is a separate Gulf-flow tape — distinct from this Basra / LNG / WTI / CAD / tanker note. Hormuz is not reopened.

Also see: WTI Advances Above $92.00, Highest Since July 23, as Hormuz Tensions Stoke Supply Concerns.

Informational only. Not trading advice, signals, or a guarantee of any market outcome.