CAD Weakens as Oil Prices Drop Amid US-Iran Diplomacy Hopes
The Canadian dollar has weakened due to falling oil prices, which are influenced by diplomatic developments between the U.S. and Iran.
According to recent reports, West Texas Intermediate (WTI) crude fell to approximately $95.78, while Brent crude dropped to $100.34 following positive news on U.S.-Iran relations.
The decline in oil prices has contributed to the weakening of the CAD against the U.S. dollar, with the USD/CAD rate around 1.4025.