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Forex News: Canadian Dollar Falls As Crude Oil Prices Slide

Canadian Dollar Falls As Crude Oil Prices Slide

05/04/2026 - 05:32:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against other major currencies in the Asian session on Monday, as the decline in crude oil prices following the commencement of Operation Freedom by President Trump.

Traders remain cautious amid the uncertainty prevailing around the peace proposal to end the Middle East war. Crude oil prices also eased with potential US-led maritime security measures in the Strait of Hormuz to provide safe passage to vessels

U.S. President Donald Trump announced that the U.S. would escort neutral vessels safely through the passageway, aiming to help ships stranded by the conflict with Iran transit securely.

Meanwhile, Iran is said to have delivered its response to the latest U.S. amendments on the agreement to end the war through Pakistani mediators. However, White House is reportedly "not satisfied" with Iran's proposal.

Meanwhile, Trump suggested that the United States is currently engaged in "very positive discussions" with Iran, which could potentially result in an agreement. However, the region remains characterized by a significant military presence of the United States, which contributes to the ongoing uncertainty.

Traders focus on the employment data for April in the United States and Canada due later on Friday.

In the Asian trading, the Canadian dollar fell to 4-day lows of 1.3608 against U.S. dollar and 0.9810 against the Australian dollar, from Friday's closing quotes of 1.3594 and 0.9789, respectively. If the loonie extends its downtrend, it is likely to find support around 1.37 against the greenback and 0.99 against the aussie.

Against the yen and the euro, the loonie dropped to 114.64 and 1.5932 from last week's closing quotes of 115.57 and 1.5932, respectively. The loonie may test support near 113.00 against the yen and 1.61 against the euro.

Looking ahead, U.S. factory orders for March is due to be released in the New York session.

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