Ella 
In Asia on Monday, USD/CAD rose to around 1.3430, trying to interrupt a two-day losing streak. Falling crude oil prices put pressure on the Canadian dollar (CAD), which in turn supported USD/CAD. Additionally, the U.S. dollar may find support due to its safe-haven status, especially amid concerns over maritime trade in the Red Sea. The United States and Britain both want to escalate the attacks without provoking a wider conflict with Iran, causing more ships to be diverted away from the Suez Canal and the Red Sea.
West Texas Intermediate crude oil (WTI) prices continue to decline. As of press time, WTI oil prices were trading around $73.30. Crude oil prices are facing downward pressure due to various factors. In addition, extreme cold weather in the United States has restricted travel in large areas, raising concerns that oil demand may slow.
Affected by market expectations that the Federal Reserve may implement a more significant policy interest rate cut in 2024 than other major central banks around the world, the U.S. dollar index (DXY) has fallen for two consecutive trading days.
