Canadian Dollar Gains as Oil Prices Surge on Middle East Supply Risks

The Canadian Dollar (CAD) strengthened against most major currencies on Monday, supported by a surge in oil prices triggered by renewed Middle East tensions. Fresh risks of supply disruption in the Strait of Hormuz — a critical chokepoint for global oil transit — drove crude prices higher, benefiting the commodity-linked loonie.

Investors are monitoring developments closely as any further escalation could tighten global oil supply and provide additional support for the Canadian currency.