Crude oil rallied into the weekend, with a closing report describing the highest settlement since spring after fresh Houthi attacks on Saudi Arabia. A weekly recap put WTI up about 4.2% on the week, near $105, though other intraday quotes differed, so confirm the level on your own platform when markets reopen.
For the Canadian dollar, higher oil is only part of the story. Canadian CPI for September came in at 3.1% year on year against 3.2% expected, according to Newsquawk’s data summary, and markets are pricing about an 80% chance that the Bank of Canada raises its rate by 25 basis points from 2.25% on Wednesday 28 October. Forecasts are not unanimous: at least one preview treats a hold as the base case. The central bank’s decision is likely to matter more for USD/CAD than crude alone, as explained in oil prices and the Canadian dollar.
The same Wednesday also brings the Fed, expected to hold at 3.75–4.00%, so USD/CAD faces two central banks on one day. Traders often reduce size and widen their risk allowances around such events; see trading around high-impact news.
This is market commentary for education, not trade advice. Prices differ between sources and venues.