At the time of writing, the pair trades around 1.3996, staying on the back foot for a third consecutive day. The speed of the move fuelled speculation that Japanese authorities may have intervened in the foreign exchange market to support the Yen. Meanwhile, higher Oil prices typically support the commodity-linked Canadian Dollar (CAD), given Canada’s status as a major crude exporter. Policymakers judged that the economy is “adjusting to recent shocks,” but remained concerned about medium-term inflation expectations “drifting higher.” TD also noted that US tariffs remain an “ever-present downside risk to growth,” while the minutes discussed a possible policy response if Oil prices “increase and stay higher.”