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The Canadian dollar recovered some losses against the US dollar on Tuesday as Brent crude rose about 2.8% to above $106 after reports of US 'defensive' strikes on Qeshm Island in Iran. USD/CAD dipped to around 1.3970 ahead of the US midterm elections.
Crude is Canada's main export, so higher oil lifts the loonie; the renewed Iran hostilities keep crude supported and a floor under commodity-sensitive currencies, with limited direct impact on feed grain prices.
fxstreet.comGuillermo AlcalaNov 3, 2026After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) 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.
