Usdcad — Events & Drivers

Analysis date: 2026-03-13

Unified Events

idnameparentcategorytemporalStaterealizationStatusvaluetrendsignificancedirectionmagnitudedurationprobabilityconfidencedatestartDateprojectedEndleadTimeleadTimeBasissourceTypelastUpdatedtopicssourcesevidenceForevidenceAgainstleadTimeEvidencereferences
EV001Oil price surge to ~$100 (Brent) due to Hormuz blockade-supplypresentconfirmedBrent ~$101, 16+ mb/d haltedstablehighbearishmajorsustained-high2026-03-132026-02-282026-04-012-4 weeksestimatedllm-search2026-03-13oil,geopolitical,Iran,Hormuz,CADS001,S002SF001,SF002,SF003,SF004-SF005,SF006EV003,EV010
EV002IEA 400M barrel reserve release underway-supplypresentconfirmed400M barrelsstablemediumbullishmoderatetransient-high2026-03-132026-03-012026-04-154-6 weeksdeploymentllm-search2026-03-13oil,policy,IEA,reservesS003---EV001
EV003US war expected to end in 2-4 weeksEV001supplyfutureregisteredWar end 2-4 weeksacceleratinghighbullishmoderateshort0.65medium2026-03-13-2026-04-012-4 weeksannouncementllm-search2026-03-13geopolitical,war,Iran,oilS004,S005SF005,SF006,SF007-SF006EV001,EV010
EV004Fed on hold at 3.50-3.75% with higher-for-longer bias-supplypresentconfirmed3.50-3.75%stablemediumneutralminorsustained-high2026-03-132025-09-01---llm-search2026-03-13monetary-policy,Fed,USDS006SF008,SF009--EV006,EV011
EV005US labor market weakening — NFP -92K, unemployment 4.4%-supplypastconfirmed-92K jobs, 4.4% UEfallinghighbearishmoderateshort-high2026-03-072026-03-07---llm-search2026-03-13labor,economic,USD,FedS007SF015,SF016,SF017--EV004,EV015
EV006BoC on hold at 2.25%-supplypresentconfirmed2.25%stablemediumneutralminorsustained-high2026-03-132025-12-01---llm-search2026-03-13monetary-policy,BoC,CADS008SF008,SF010--EV004,EV011
EV007Canada Q4 GDP contraction -0.6%-supplypastconfirmed-0.6% Q4 GDPfallingmediumbullishmoderateshort-high2026-02-282026-02-28---llm-search2026-03-13economic,GDP,Canada,CADS009---EV006
EV008US-Canada trade tensions — tariff uncertainty-supplypresentconfirmedTariff uncertaintystablehighmixedmoderatesustained-medium2026-03-132025-01-202026-07-014 monthsschedulellm-search2026-03-13trade,tariff,US-Canada,USMCAS010,S011SF018,SF019,SF020SF019SF020EV017,EV018
EV009Safe-haven USD demand amid Iran-US war-demandpresentconfirmedVIX ~30+stablehighbullishmoderatetransient-high2026-03-132026-02-28---llm-search2026-03-13risk,safe-haven,USD,VIXS012---EV001,EV012
EV010Oil-driven CAD inflows — Canada strongest G7 currencyEV001demandpresentconfirmedCAD strongest G7risinghighbearishmajorsustained-high2026-03-132026-03-01---llm-search2026-03-13FX,CAD,oil,capital-flowsS002,S013SF011,SF012--EV001,EV011
EV011US-Canada interest rate differential narrowing to ~125bp-demandpresentconfirmed~125bp spreadstablehighbearishmoderatesustained-high2026-03-132025-12-01---llm-search2026-03-13monetary-policy,rates,carry,FXS006,S008SF008--EV004,EV006
EV012Risk-off sentiment — VIX at ~30+EV001demandpresentconfirmedVIX 30+ backwardationstablemediumbullishmoderatetransient-high2026-03-132026-02-28---llm-search2026-03-13volatility,risk,VIXS012---EV009
EV013Extreme bullish CAD positioning — CFTC 97th percentile-demandpresentconfirmed97th percentile long CADstablehighbearishmoderateshort-high2026-03-132026-03-01---llm-search2026-03-13positioning,CFTC,COT,CADS014SF013,SF014--EV010
EV014US equity weakness — stagflation fears-demandpresentconfirmedSPX selling pressurefallingmediummixedmoderateshort-medium2026-03-132026-03-01---llm-search2026-03-13equities,SPX,stagflation,riskS015---EV005,EV009
EV015US core PCE at 3.0% — sticky inflation-demandpastconfirmed3.0% YoY core PCEstablemediumbullishminorshort-high2026-02-282026-02-28---llm-search2026-03-13inflation,PCE,Fed,USDS016---EV004
EV016Canada January unemployment beat at 6.5%-demandpastconfirmed6.5% unemployment beatrisinglowbearishminorshort-high2026-02-072026-02-07---llm-search2026-03-13labor,Canada,CADS017---EV006
EV017Supreme Court strikes IEEPA tariffs — bullish CADEV008demandpastconfirmedIEEPA tariffs struck downstablemediumbearishminorsustained-high2026-02-202026-02-20---llm-search2026-03-13trade,legal,tariffs,Supreme-CourtS018SF019--EV008,EV018
EV018House votes to repeal Canada tariffs (pending Senate)EV008demandpresentregisteredHouse 219-211 voterisinglowbearishminorsustained0.25low2026-03-102026-03-10---llm-search2026-03-13trade,tariffs,CongressS019---EV008,EV017

Sources

idsourceauthortypedatequoteaudiencecredibilityimpactreferences
S001IRGC Naval Command-military-communique2026-03-13Not a litre of oil will pass through the straitadversaryhighConfirms total Hormuz blockade, validates 16+ mb/d supply disruptionEV001,SF001
S002Oanda-data-release2026-03-13Brent ~$101, WTI ~$98markethighReal-time price confirmation of oil surgeEV001,EV010,SF002
S003IEA-policy-doc2026-03-01Coordinated 400M barrel release authorizedinternationalhighLargest reserve release in history, failed to sustainably lower pricesEV002
S004Trump AdministrationDonald Trumppress-release2026-03-13Practically nothing left to target in IranpublicmediumSignals potential war wind-down, key for oil price trajectoryEV003,SF005
S005US Defense DepartmentPete Hegsethpress-release2026-03-12Timeline shortened to 2-4 weekspublicmediumUpdated war duration estimateEV003,SF006
S006Federal Reserve-policy-doc2026-03-13Fed holds at 3.50-3.75%markethighConfirms higher-for-longer biasEV004,EV011,SF008
S007Bureau of Labor Statistics-data-release2026-03-07NFP -92K, unemployment 4.4%markethighLargest job loss since pandemic, increases recession riskEV005,SF015,SF016,SF017
S008Bank of Canada-policy-doc2026-03-13BoC holds at 2.25%markethighStable CAD monetary conditionsEV006,EV011,SF008,SF010
S009Statistics Canada-data-release2026-02-28Q4 GDP -0.6%markethighConfirms Canadian economic weaknessEV007
S010Fulcrum/Norton Rose-news-report2026-03-13Trump vs Carney rhetoric escalatingpublicmediumConfirms ongoing US-Canada trade tensionsEV008,SF018
S011Congressional Research Service-policy-doc2026-03-01USMCA review scheduled July 2026publichighMajor future risk event for CADEV008,SF020
S012CBOE-data-release2026-03-13VIX ~30+, backwardation structuremarkethighConfirms elevated risk-off sentimentEV009,EV012
S013TradingEconomics-data-release2026-03-13CAD strongest G7 currency, +0.21%markethighConfirms CAD outperformanceEV010,SF011
S014CFTC-data-release2026-03-11CAD net long 97th percentile, +21KmarkethighExtreme positioning creates reversal riskEV013,SF013,SF014
S015JPMorgan-news-report2026-03-1310% SPX correction warningmarketmediumStagflation concerns weighing on equitiesEV014
S016Bureau of Economic Analysis-data-release2026-02-28Core PCE 3.0% YoYmarkethighSticky inflation constrains Fed easingEV015
S017Statistics Canada-data-release2026-02-07Unemployment 6.5% vs 6.7% expectedmarkethighStronger Canadian labor market supports CADEV016
S018Holland & Knight-news-report2026-02-20Supreme Court struck down IEEPA tariffspublichigh35% tariff on non-CUSMA goods invalidatedEV017,SF019
S019US House of Representatives-policy-doc2026-03-10House votes 219-211 to repeal tariffspublichighSignal of potential relief but Senate unlikelyEV018

Sub-Factors

idsubFactorparenttypevalueEvidencestatusleadTimestartDateprojectedEndlastUpdatedsourcesreferences
SF001Strait of Hormuz physically blocked by Iranian mines and patrolsEV001action16+ mb/d halted; IRGC vows "not a litre of oil" passes; <10% of pre-conflict flowsconfirmed-2026-02-282026-04-012026-03-13S001EV001
SF002Brent price at ~$101, WTI at ~$98EV001actionOanda live data confirms price levels; extreme volatility ($84-$120 range in week)confirmed-2026-02-28-2026-03-13S002EV001
SF003Iraq production collapsed to 1.2-1.5 mb/d (from 4.42 mb/d)EV001actionStorage full; exports near-zero via Gulf routeconfirmed-2026-03-01-2026-03-13S001EV001
SF004Canada energy sector benefits from high oil pricesEV001capabilityCanada is 4th largest oil exporter globally; trade balance improves with oil priceconfirmed---2026-03-13S002EV001
SF005Trump says "practically nothing left" to targetEV003intentionDirect Trump statement; but war endings notoriously unpredictable; Khamenei leadership change adds uncertaintypartial2-4 weeks-2026-04-012026-03-13S004EV003
SF006Timeline shortened from 4-6 weeks to 2-4 weeksEV003intentionConsistent messaging from Trump, Hegseth, Rubiopartial2-4 weeks-2026-04-012026-03-13S005EV003
SF007Mojtaba Khamenei named new supreme leaderEV003actionConfirmed leadership transition; Trump "not happy"confirmed-2026-03-12-2026-03-13S004EV003
SF008Fed at 3.50-3.75%, BoC at 2.25%-actionBoth central banks on hold; differential ~125bpconfirmed---2026-03-13S006,S008-
SF009Market pricing only 1 Fed cut in 2026 (September)-capabilityCME FedWatch data; sharp reduction from prior 2-3 cuts expectationconfirmed---2026-03-13S006-
SF010BoC expected on hold Mar 18 due to tariff uncertainty-intentionPolicy statement notes elevated uncertainty; holding despite Q4 GDP contractionpartial---2026-03-13S008-
SF011CAD strongest G7 currency in March-actionTradingEconomics confirms +0.21% outperformanceconfirmed-2026-03-01-2026-03-13S013-
SF012USD/CAD at 1.3644 — near 1-month low-actionOanda live data confirms CAD strengthconfirmed---2026-03-13S002-
SF013CFTC managed money net long at 97th percentile-actionCFTC COT data: ~+21K net long, 104,490 asset manager longs vs 66,315 lev fund shortsconfirmed-2026-03-01-2026-03-13S014-
SF014Crowded positioning creates reversal risk-constraintHistorical pattern: extreme positioning often precedes mean reversion; requires catalystpartial---2026-03-13S014-
SF015NFP -92,000 in February-actionLargest monthly job loss since pandemic; DOGE layoffs factorconfirmed-2026-03-07-2026-03-13S007-
SF016Unemployment jumped to 4.4% (from 4.1%)-action0.3pp increase; highest since Oct 2021confirmed-2026-03-07-2026-03-13S007-
SF017Prior two months revised down by 69K total-actionBLS revision confirms weakening trendconfirmed-2026-03-07-2026-03-13S007-
SF018Trump vs Carney personal/vitriolic rhetoric-actionFulcrum/Norton Rose reporting; Carney tough on tariffsconfirmed-2025-01-20-2026-03-13S010-
SF019Supreme Court ruled IEEPA tariffs unlawful-actionHolland & Knight Feb 20; 35% tariff on non-CUSMA goods struck downconfirmed-2026-02-20-2026-03-13S018-
SF020USMCA July 2026 review registered-constraintCongressional Research Service; scheduled major risk eventconfirmed4 months-2026-07-012026-03-13S011-