How is the spike in crude oil impacting major currency pairs today?

WTI Crude Oil (XTI/USD) is up 3.86% on the day and trading above its R1 at 89.934. USD/CAD, which is often watched alongside crude, is up 0.06% and sitting between its daily pivot at 1.42457 and R1 at 1.42885, but the data does not establish a direct cause-and-effect between the two moves today.

What are the key technical levels for EUR/USD today?

EUR/USD is at 1.11829, between the S1 at 1.11521 and the daily pivot at 1.12071. A move back above the pivot opens the way toward R1 at 1.12503, while a break of S1 keeps the pair under pressure, with both the daily and four-hour trend currently pointing down.

Which Federal Reserve officials are speaking today and what is their expected impact?

Fed's Kashkari is scheduled to speak today at 14:40 UTC and Fed's Musalem at 17:40 UTC, both flagged as medium-impact events for the dollar on the economic calendar. No further detail on content or expected market reaction is available ahead of the speeches.

Is the US dollar trending higher across the board in the New York session?

The dollar is firmer against EUR/USD (-0.11%), GBP/USD (-0.09%) and AUD/USD (-0.26%), and also higher against CAD (USD/CAD +0.06%) and JPY (USD/JPY +0.09%), a broadly consistent pattern across the major pairs today.

Forex Market Update: Dollar Firms as Oil Jumps in New York Trade

Session brief Bullish bias Oct 8, 2026, 12:52 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

The dollar is broadly firmer in the New York overlap as EUR/USD, GBP/USD and AUD/USD slip and USD/CAD extends its uptrend, while WTI crude's 3.86% jump and steady Treasury yields keep Fed speeches from Kashkari and Musalem in focus.

City skyscrapers rising above a waterfront

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.11829	-0.11%	1.12071	Down
Gold (XAU/USD)	4,118.10	+0.18%	4,115.60	Down
GBP/USD	1.32001	-0.09%	1.32267	Down
Bitcoin (BTC/USD)	82,241.37	-1.36%	83,905.15	Mixed
USD/JPY	158.204	+0.09%	158.126	Mixed
AUD/USD	0.69415	-0.26%	0.69616	Down
USD/CAD	1.42622	+0.06%	1.42457	Up
Ethereum (ETH/USD)	2,532.13	-1.60%	2,602.64	Mixed
Nasdaq 100 (US100)	30,938.8	-0.68%	31,107.4	Up
WTI Crude Oil (XTI/USD)	91.738	+3.86%	88.676	Up
Data as of 2026-10-08 12:46 UTC.

New York Session Snapshot

Trading in the London and New York overlap shows a broadly firmer dollar. WTI Crude Oil (XTI/USD) leads the board, up 3.86% on the day, with Gold (XAU/USD) adding 0.18%, USD/JPY up 0.09% and USD/CAD up 0.06%. On the other side, Ethereum (ETH/USD) is the weakest performer at -1.6%, followed by Bitcoin (BTC/USD) at -1.36%, the Nasdaq 100 (US100) at -0.68%, AUD/USD at -0.26%, GBP/USD at -0.09% and EUR/USD at -0.11%. The pattern across EUR/USD, GBP/USD and AUD/USD losing ground while USD/JPY and USD/CAD gain points to a dollar that is firm against most of the majors in this session.

Instrument	Last	Change %	Daily trend
EUR/USD	1.11829	-0.11%	down
Gold (XAU/USD)	4118.1	+0.18%	down
GBP/USD	1.32001	-0.09%	down
Bitcoin (BTC/USD)	82241.37	-1.36%	mixed
USD/JPY	158.204	+0.09%	mixed
AUD/USD	0.69415	-0.26%	down
USD/CAD	1.42622	+0.06%	up
Ethereum (ETH/USD)	2532.13	-1.6%	mixed
Nasdaq 100 (US100)	30938.8	-0.68%	up
WTI Crude Oil (XTI/USD)	91.738	+3.86%	up

Majors in Focus: EUR/USD, GBP/USD and USD/CAD

EUR/USD sits at 1.11829, between the S1 at 1.11521 and the daily pivot at 1.12071, with the daily and four-hour trend both pointing down and the daily RSI at 22.9. The pair's 14-day ATR stands at 62.4 pips, a volatility measure explained in the ATR and volatility guide. A move back above the pivot at 1.12071 would open the way toward R1 at 1.12503, while a slide through S1 at 1.11521 would keep the pair under pressure for the session.

GBP/USD is positioned between its S1 at 1.3178 and the daily pivot at 1.32267, also trending down on both the daily and four-hour charts. Reclaiming the pivot at 1.32267 would put R1 at 1.32603 in view; losing S1 at 1.3178 would mark a fresh low for the session and invalidate that scenario.

USD/CAD stands apart, trading between the daily pivot at 1.42457 and R1 at 1.42885 with both the daily and four-hour trend up and the daily RSI at 71.8. Clearing R1 at 1.42885 would extend the current advance; a drop back below the pivot at 1.42457 toward S1 at 1.42116 would mark a reversal of that move. This ladder, and the levels on any other pair, can be recalculated for different sessions with the pivot point calculator.

Yields, Oil and the Newsflow

US Treasury yields at the October 7 close showed the 10-year at 5.28%, up 1 basis point versus October 6, and the 2-year at 4.77%, down 2 basis points, leaving the 2s10s curve at 51 basis points. Across FX Street and Action Forex, coverage ties the pullback in gold and silver to this yield backdrop and shifting Fed-rate expectations, while separate technical pieces from the same two outlets flag renewed downside risk for EUR/USD near round-number support. None of this newsflow establishes a direct cause for today's moves in XTI/USD or USD/CAD; the data shows both up on the day without confirming a link between them.

Calendar Ahead

BoE Deputy Governor Lombardelli is scheduled to speak today at 13:00 UTC, a medium-impact event for GBP. Fed's Kashkari follows today at 14:40 UTC, also flagged medium impact for the dollar, and Fed's Musalem rounds out the day at 17:40 UTC, likewise medium impact. London trading closes at 16:00 UTC, so the Kashkari remarks land inside the current overlap while the Musalem speech falls after the London close.

Bottom Line

The dollar is holding a broadly firm tone against EUR/USD, GBP/USD and AUD/USD while extending gains against CAD and JPY, even as equities and crypto lag with the Nasdaq 100 down 0.68%, Bitcoin down 1.36% and Ethereum down 1.6%. EUR/USD and GBP/USD remain capped below their daily pivots with downside-leaning daily and four-hour trends, while USD/CAD's position above its pivot with an RSI of 71.8 keeps that pair's up trend intact on both the daily and four-hour charts. Readers weighing the scenario levels above, from EUR/USD's pivot at 1.12071 to USD/CAD's R1 at 1.42885, can size up the ratios involved with the risk and reward calculator. With Kashkari and Musalem both due to speak and WTI crude already up 3.86% on the day, the next few hours carry scheduled catalysts without a confirmed outcome either way.