CAD slips as USD safe-haven bid offsets oil rebound

أسواق الإمارات اليومApril 9, 2026

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USD/CAD rises as the US Dollar gains ground on safe-haven demand amid fading US-Iran ceasefire optimism.
Fed March Meeting Minutes show a wait-and-see stance, while acknowledging risks are becoming more balanced.
The commodity-linked CAD may gain as oil rebounds after the tanker traffic halt in the Strait of Hormuz.

USD/CAD gains ground after three days of losses, trading around 1.3860 during the Asian hours on Thursday. The pair appreciates as the US Dollar (USD) receives support from renewed safe-haven demand amid uncertainty surrounding the ceasefire agreement between the United States (US) and Iran.

The Minutes from the Federal Reserve’s (Fed) March meeting, released on Wednesday, suggest the central bank remains in a wait-and-see stance, while acknowledging that risks are becoming more balanced. Policymakers broadly supported holding rates steady, with nearly all participants backing no change, and many viewing policy as already near a neutral range, implying a high bar for further tightening.

However, the upside of the USD/CAD pair could be restrained as the commodity-linked Canadian Dollar (CAD) may find support from a rebound in oil prices. West Texas Intermediate (WTI) is trading around $91.50 at the time of writing. Crude oil prices rise after Iranian media reported a halt in tanker traffic through the Strait of Hormuz following fresh Israeli strikes in Lebanon.

Iranian officials said recent developments breach the terms of the less-than-day-old ceasefire, calling it “unreasonable” to continue talks for a permanent deal with the United States. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the US breached three key clauses of Iran’s 10-point proposal, calling further talks “unreasonable.” Meanwhile, US Vice President JD Vance signaled that the strait could begin reopening as he leads a US delegation to Islamabad for direct talks with Iran this weekend.

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