WTI Crude Rally Pushes CAD/USD Higher; GBP/USD and USD/JPY in Focus

WTI crude oil sentiment has returned to extreme bullish territory, providing significant support for commodity currencies, particularly the Canadian dollar. The surge in oil prices has strengthened CAD against USD, with traders positioning for continued energy sector momentum. Meanwhile, GBP/USD faces pressure from weak UK economic data, while USD/JPY continues its upward trajectory amid broad yen weakness. Gold prices remain elevated, offering support to risk sentiment and commodity-linked currencies. The Nasdaq 100's performance suggests risk appetite remains intact, which could limit safe-haven demand for USD and JPY. Technical indicators show WTI crude approaching overbought levels, suggesting potential consolidation ahead. Traders should monitor the correlation between oil prices and CAD performance, as any reversal in crude could quickly impact the Canadian dollar's recent gains against major counterparts.