The post USD/CAD drops below 1.3800 on oil rally and broad Dollar weakness appeared on BitcoinEthereumNews.com.

USD/CAD slipped around 0.40% on Monday, falling to session lows near 1.3790 as the Canadian Dollar (CAD) gained ground on surging Crude Oil prices and broad US Dollar (USD) softness. The pair opened soft and extended its decline through the session, breaking below the 1.3840 area and printing a fresh weekly low. Price has now given back most of its gains from the early April spike toward 1.3950, with a second consecutive weekly decline taking shape. West Texas Intermediate (WTI) crude surged as much as 9% to above $105 per barrel on Monday after President Donald Trump announced a US blockade of the Strait of Hormuz, following the collapse of weekend negotiations between the US and Iran in Pakistan. The key shipping route has been effectively closed since the conflict began in late February, and despite persistent market expectations that a resolution will eventually emerge, the goalposts on a peace deal continue to shift. Elevated energy prices are providing a tailwind for the commodity-linked Canadian Dollar, even as the Bank of Canada (BoC) held its overnight rate at 2.25% in March and flagged uncertainty about the conflict’s impact on the Canadian economy. The BoC’s next rate decision is scheduled for April 29, alongside the Monetary Policy Report (MPR). Coming up: US PPI inflation hot in the barrel Tuesday’s Producer Price Index (PPI) for March is expected to show headline PPI rising 1.2% MoM, up from 0.7% in February, with the YoY reading jumping to 4.6% from 3.4%. The data will capture the opening stages of increased energy costs flowing through the US economy since the Iran war began, and a hotter-than-expected print could further complicate the Fed’s rate path heading into the April 28 to 29 Federal Open Market Committee (FOMC) meeting. USD/CAD 5-minute chart Technical Analysis In the five-minute…

---

Filed under: News - @ April 13, 2026 9:28 pm