Oil-Linked CAD Gains 0.3% vs USD on WTI Surge Above $75

USD/CAD declined 0.3% to 1.3680 as WTI crude oil's surge above $75 per barrel boosted the commodity-linked Canadian dollar. The oil rally, driven by Iran-Israel tensions and potential supply disruptions, marked the highest closing level since January. Canada's government announced countermeasures against potential Trump tariffs, providing additional CAD support through reduced trade uncertainty. The loonie's strength extended against other majors, with EUR/CAD falling 0.4% to 1.4810 and GBP/CAD dropping 0.35% to 1.7300. Energy sector equities rallied alongside oil prices, supporting broader risk sentiment in North American markets. Technical indicators show USD/CAD approaching strong support at 1.3650 (200-day MA), with a break potentially accelerating declines toward 1.3600. Resistance sits at 1.3720 (yesterday's high). Traders should monitor oil price action closely, as sustained levels above $75 could further strengthen CAD, particularly if geopolitical tensions persist through the weekend.