Three FX Winners, Two Trades: RBA Lifts Aussie While Oil Backs Dollar and Loonie

The article says the Australian dollar, US dollar, and Canadian dollar are leading the FX market for different reasons. AUD is higher because the RBA held rates at 4.35% but signaled policy could tighten further, keeping a hawkish bias alive. USD and CAD are benefiting from a rebound in Brent crude, which briefly rose above $90 before easing back to the $87–88 area, as escalating US-Iran tensions around the Strait of Hormuz keep a geopolitical risk premium in oil. CAD is the more direct oil play, while USD is being supported indirectly through the inflation and Fed-rate outlook ahead of Wednesday’s US CPI. The piece argues this is not one unified macro trade but two separate drivers: RBA policy for AUD and oil/geopolitics for USD/CAD.