Forex News: Canadian Dollar Rises As Crude Oil Prices Climb

Canadian Dollar Rises As Crude Oil Prices Climb

(RTTNews) - The Canadian dollar strengthened against other major currencies in the Asian session on Friday amid rising crude oil prices, as Iran shrugged off U.S. threats to negotiate or face attack, causing concerns over possible supply disruptions.

West Texas Intermediate crude for March delivery was up $2.23 or 3.53 percent at $65.44 per barrel.

Crude oil showed another substantial move as U.S. President Donald Trump issued an ultimatum to Iran to come to negotiating table or face attacks worse than in June 2025.

As Iran shrugs off the U.S. threats, traders are nervous of a possible long-term supply disruption.

Warning Iran is running out of time to make a deal with the U.S. on its nuclear policies, Trump added that any attack by U.S. forces this time will be far worse than the strikes it conducted for 12 days in June 2025.

Reports of Iran resuming its nuclear program and the recent ruthless suppression of anti-government protests of civilians by the ruling regime has spurred Trump to take Iran head on.

However, Iran's Foreign Minister Abbas Araghchi responded by saying that their forces are prepared with their "finger on the trigger" to strike back against the U.S. and added that Iran was ready for a "fair and equitable" deal but not for coercion.

Reportedly, Iran has messaged commercial vessels transiting the Strait of Hormuz that it will carry out a "live fire" naval exercise in the coming days.

In the Asian trading today, the Canadian dollar rose to a 1-week high of 113.99 against the yen, a 4-day high of 0.9446 against the Australian dollar and nearly a 2-week high of 1.6109 against the euro, from yesterday's closing quotes of 113.51, 0.9509 and 1.6148, respectively. If the loonie extends its uptrend, it is likely to find resistance around 115.00 against the yen, 0.93 against the aussie and 1.60 against the euro.

Against the U.S. dollar, the loonie edged up to 1.3510 from an early low of 1.3546. On the upside, 1.33 is seen as the next resistance level for the loonie.

Looking ahead, German and Eurozone GDP data for the fourth quarter and U.K. mortgage approvals data for December are due to be released in the European session.

In the New York session, German CPI data for January, Canada GDP data for November, U.S. PPI for December, U.S. Chicago PMI for January and U.S. Baker Hughes oil rig count data are slated for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2026 RTTNews.com. All Rights Reserved

Market News provided by RTTNews