USD/CAD pressured as WTI jumps 5% above $90 on US-Iran military escalation

WTI crude surged more than 5% to settle above $90.00 on Wednesday, hitting multi-week highs after fresh military exchanges between the United States and Iran intensified supply-disruption fears around the Strait of Hormuz. The move has clear FX implications: petro-currency demand favours CAD and NOK, pushing USD/CAD lower toward the 1.3600–1.3550 region, while energy-importing currencies such as JPY and EUR face renewed terms-of-trade headwinds. USD/JPY remains supported near the 160.00 area, with each dollar of crude upside adding to Japan's import bill. Broad safe-haven flows continue to underpin the dollar and Swiss franc, keeping AUD/USD and NZD/USD offered as equity risk appetite fades. In corporate news, Apple detailed its new CEO pay package, a headline with limited direct currency impact. For traders, the key question is whether the crude premium proves persistent; a sustained hold above $90.00 argues for further CAD outperformance on the crosses, notably CAD/JPY, while a de-escalation headline could unwind the oil premium quickly and trigger sharp reversals.