Canadian Dollar Weakens Amid Sharp Oil Price Drop

The Canadian dollar experienced a decline against other major currencies on Wednesday in the European session.

This weakness was attributed to a sharp drop in oil prices, which fell by about 3% due to renewed optimism surrounding Iran peace talks and the possible reopening of the Strait of Hormuz sooner than expected.

Brent crude futures dropped to $84.56 per barrel as reports emerged that Oman and Iran had discussed establishing a temporary joint maritime corridor in the strait.