Geopolitical shocks are the initial driving forces of today's forex market: news of U.S. military strikes on Iranian enrichment facilities has triggered a rush for the dollar and a sell-off of the Canadian dollar related to crude oil. USDCAD broke through the intersection of the May trend line resistance and the 50% retracement level of the May to June decline at 1.37782, briefly refreshing a three-week high. However, the breakthrough could not be sustained. As Wall Street recovers its early losses, U.S. Treasury yields have declined, shifting focus to policy divergences. Federal Reserve Board of Governors member Bowman echoed the remarks of Governor Waller from Friday, indicating that a rate cut in July is "possible," highlighting the divergence that has emerged between this and Chair Powell's more cautious stance. The dollar reversed, pulling USDCAD back into the yellow shadow swing zone, and it recently fell back below it. USDCAD is now fluctuating around the former support level of 1.37498.