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USD/CAD rose to 1.4293 on October 6, an 18-month high. The Canadian dollar is declining for the third session in a row amid weak oil, and the pair itself already looks technically overbought.
On Tuesday, October 6, XAU/USD declined to $4,100, the lowest level in about two months. Gold has lost about 12% from its recent peak near $4,696, and the main pressure factor remains the strong dollar and high US bond yields.
Brent rose above $102 per barrel amid the continued closure of the Strait of Hormuz. The head of Saudi Aramco warned that tension in the oil market will intensify until the passage is restored.
WTI recovered intraday from the morning decline from around $88.00 and rose to nearly $91.50. The main driver was China's temporary suspension of oil product exports during the national holidays.
US crude WTI (the US benchmark grade) is trading around $93.05 in early Asian hours on Monday. The push came from US President Donald Trump's rejection of Iran's proposal to open the Strait of Hormuz - a key maritime route for oil exports from the Persian Gulf.
XAU/USD dropped below $4,200 and hit a nearly two-month low. Gold is under pressure from expectations of further Fed rate hikes, high US Treasury yields and a stronger dollar.
Yemen's Houthis announced new attacks on Saudi Arabia. The oil market reacted almost instantly: prices rose by about 4% during the session.
