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USD/CAD traded near 1.3965 in early European trade on Monday, close to its lowest level since September 16. Crude oil slipped after a rally to its highest since mid-May, as the weekend passed without major military escalation.
Iran reportedly held talks with Qatari mediators and proposed a 48-hour plan to reopen the Strait of Hormuz.
Lower oil weakens the commodity-linked Canadian dollar, while easing safe-haven demand reduces support for the US dollar. A Hormuz reopening plan would also ease energy-driven feed and fertilizer cost pressure.
fxstreet.comHaresh MenghaniNov 2, 2026After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
