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Loonie Stays Strong vs Soft US Dollar Amid Oil Price Surge

Guavy AI Editorial Team Published August 31, 2026

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USD CAD

The Canadian dollar remained strong against the US dollar at the start of the week, despite a modest downtick in the greenback.

Rising oil prices underpinned the Loonie and weighed on the pair, with the USD/CAD pulling back from an over two-week high around 1.3910-1.3915.

The revival of September Fed rate hike bets and the US-Canada trade war limited deeper losses for the safe-haven USD and the currency pair.

However, the escalation of tensions between the US and Iran triggered a fresh leg up in crude oil prices, supporting the commodity-linked Loonie.

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