# Canadian Dollar holds near September highs as USD stays pressured

> 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.

- Date: 2026-11-02 · published 2026-11-02T09:09:54.449Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/75250-canadian-dollar-holds-near-september-highs-as-usd-stays-pressured
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-17 | [Canadian dollar slips, pressured by Fed rate hike bets - The Globe and Mail](https://feedsoft.ai/events/36641-canadian-dollar-slips-pressured-by-fed-rate-hike-bets-the-globe-and-mail.md) | -5.7% | -15.2% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2021-04-21 | [Canadian dollar sees biggest drop in nearly 2 months as oil falls](https://feedsoft.ai/events/47853-canadian-dollar-sees-biggest-drop-in-nearly-2-months-as-oil-falls.md) | +0.7% | +4.7% |
| WTI | 2020-09-29 | [Canadian Dollar Slides on Higher Producer Prices, Crashing Oil Prices](https://feedsoft.ai/events/51350-canadian-dollar-slides-on-higher-producer-prices-crashing-oil-prices.md) | -3.4% | -5.1% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/canadian-dollar-sits-near-september-16-highs-as-weaker-usd-offsets-declining-oil-prices-202611020846

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.