Oil price surge boosts Canadian dollar
With WTI crude oil prices surging above $100, one major beneficiary appears to be the Canadian dollar. The USD/CAD has strengthened significantly since the oil price surge, making it one of the few currencies to benefit. USD/CAD is now breaking below a support level around 1.355, which is also part of an uptrend forming a bear flag. That lower trend line has now been broken and suggests that USD/CAD could move lower. A 100% extension of the bear flag indicates that USD/CAD might fall to approximately 1.313.
Source: TradingView, 09 March 2026
Downtrend reinforced by key resistance
Additionally, USD/CAD has been trending lower since November 2025, reflecting a strengthening Canadian dollar, and that downtrend appears to remain firmly in place. There is also a very strong level of resistance around 1.374, which dates back to June 2025 when it served as support as part of a triple-bottom formation. The downtrend and this resistance level are reinforcing the Canadian dollar’s strength against the US dollar.
