Canadian Dollar Weakens Amid Oil Price Slide

The Canadian dollar weakened against other major currencies in the Asian session on Friday following a decline in crude oil prices.

The drop in oil prices came as Iran submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days, according to Iranian Foreign Minister Abbas Araghchi's comments at the UN General Assembly session in New York.

Crude oil prices had been rising recently but retreated from these highs after the proposal was submitted. The Canadian dollar's value against other currencies is closely tied to oil prices due to Canada's significant oil exports.