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USD/CAD traded in a choppy range near 1.3975 on Monday as a softer US Dollar and falling oil prices pulled in opposite directions. WTI fell more than 5% to near $96 a barrel after positive US-Iran diplomatic headlines, including comments from Iran's president on government negotiating powers and reports that Trump favours giving diplomacy more time.
Lower crude prices reduce energy-driven inflation pressure and weigh on the Canadian dollar, a commodity-linked currency. Cheaper oil also lowers diesel and fertilizer costs for feed production, though a weaker dollar can support US commodity export competitiveness.
fxstreet.comVishal ChaturvediNov 2, 2026After 565 past bearish macro events, 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.
After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
