Canada's Dollar Takes a Hit from Oil Prices and Interest Rate Spreads

The Canadian dollar is under pressure in early New York trading due to lower oil prices and widening Canada-US interest rate spreads.

The US dollar index has dropped as the greenback trades defensively, with crude prices and Treasury yields falling after Washington paused its bombing campaign against Iran.

The pause in US attacks on Iran and talk of potential ceasefire talks have improved risk appetite, boosting US equity futures and European equities.