NZD/USD Supported as NZ Commodity Prices Jump; Oil Gains Lift CAD

The Asia-Pacific session saw mixed forex action highlighted by rising commodity prices influencing key currency pairs. New Zealand commodity prices posted a notable jump, providing a tailwind for NZD/USD as the kiwi dollar benefits from improved terms of trade expectations. Oil prices ticked higher during the session, lending modest support to commodity-linked currencies such as CAD and AUD against the US dollar. Geopolitical tensions added a layer of uncertainty, with US officials expressing doubts over an Iran nuclear deal deadline extension, viewing tough rhetoric as a negotiating tactic—a factor that contributed to crude oil's bid tone and could sustain energy-related risk premiums. On the broader macro front, risk sentiment remained cautious as traders assessed the interplay between geopolitics and global trade dynamics. For NZD/USD, traders should monitor resistance near recent weekly highs while support holds at prior session lows. USD/CAD may face downward pressure if oil continues to strengthen. The combination of firmer commodities and geopolitical risk suggests commodity currencies could maintain a modest bid in the near term, though headline-driven volatility remains a key risk factor for positioning.