- Solve real problems with our hands-on interface
- Progress from basic puts and calls to advanced strategies

Posted March 19, 2026 at 11:45 am
When geopolitical tensions flare, the U.S. dollar typically strengthens as investors seek safety. After news of a conflict in Iran on February 27th, the dollar gained 3% against the euro and 2% against the yen. But one currency pair told a different story. This video examines why the Canadian dollar held its ground against the greenback while nearly every other major currency weakened. We cover how Canada’s role as a major oil producer creates a unique dynamic in USD/CAD, and why rising oil prices can support the loonie even during a broad dollar rally. We also explore the concept of commodity currencies, comparing the Canadian dollar’s oil correlation to the Australian dollar’s relationship with metals. Understanding these links helps traders anticipate how currency pairs might respond differently to the same macro event. Finally, we look at the competing forces now shaping USD/CAD: safe-haven dollar demand versus oil-driven Canadian dollar support. Learn more about trading futures and options at CME Group: https://www.cmegroup.com/markets/micr…
—
Originally Posted on March 17, 2026
© [2023] CME Group Inc. All rights reserved. This information is reproduced by permission of CME Group Inc. and its affiliates under license. CME Group Inc. and its affiliates accept no liability or responsibility for the information contained herein, including but not limited to the currency, accuracy and/or completeness of this information, and delays, interruptions, errors or omissions. This information is an unofficial copy and may not reflect the official and accurate version. For the definitive and up-to-date version of any of this information, please see cmegroup.com.
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from CME Group and is being posted with its permission. The views expressed in this material are solely those of the author and/or CME Group and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.
Join The Conversation
For specific platform feedback and suggestions, please submit it directly to our team using these instructions.
If you have an account-specific question or concern, please reach out to Client Services.
We encourage you to look through our FAQs before posting. Your question may already be covered!