# CAD Holds Steady as Oil Slide Offsets Softer USD Bid

> USD/CAD traded near 1.3970 in Asian hours on Monday after a bearish gap at the open. OPEC+ kept its December output targets unchanged, and lower crude weighed on the Canadian dollar. Qatar and Iran continued talks for a third day on ending the war before the US midterm elections.

- Date: 2026-11-02 · published 2026-11-02T09:09:54.502Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/75251-cad-holds-steady-as-oil-slide-offsets-softer-usd-bid
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Steady OPEC+ targets and lower crude reduce energy price support, while de-escalation hopes trim the dollar's safe-haven bid. Markets are also pricing a possible December Fed hike, which supports the dollar over the longer run.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-01-30 | [Oil Prices Hold Steady As Markets Await US Tariff Decisions, OPEC+ Meeting](https://feedsoft.ai/events/26669-oil-prices-hold-steady-as-markets-await-us-tariff-decisions-opec-meeting.md) | -2.1% | -3.2% |
| WTI | 2022-11-17 | [Canadian dollar holds steady vs U.S. counterpart, beats rest of G10 - The Globe and Mail](https://feedsoft.ai/events/38911-canadian-dollar-holds-steady-vs-u-s-counterpart-beats-rest-of-g10-the-globe-and.md) | -9.0% | -11.3% |
| WTI | 2020-10-29 | [Latam FX steadies after selloff; Oil-linked currencies slide \| Financial Post](https://feedsoft.ai/events/50919-latam-fx-steadies-after-selloff-oil-linked-currencies-slide-financial-post.md) | +4.6% | +22.3% |
| WTI | 2020-10-26 | [Stock markets slide as Covid-19 cases rise](https://feedsoft.ai/events/8190-stock-markets-slide-as-covid-19-cases-rise.md) | -10.3% | +5.7% |
| WTI | 2022-09-21 | [Oil prices slide 1% after U.S. Fed raises interest rates](https://feedsoft.ai/events/39490-oil-prices-slide-1-after-u-s-fed-raises-interest-rates.md) | -6.9% | -1.7% |

## Sources

- tradingpedia.com: https://www.tradingpedia.com/2026/11/02/cad-holds-steady-as-oil-slide-offsets-softer-usd-bid/

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