Canadian Dollar Takes Hit Amid Escalating US-Iran Tensions

The Canadian dollar took a hit on Tuesday as risk aversion swept over markets, fueled by renewed hostilities between the US and Iran.

Oil prices surged after the latest round of strikes and President Trump's warning that Iran would be 'totally wiped out' as a country.

This sparked a widespread sell-off in global bonds, driving yields to multi-decade highs and raising concerns about inflation.

The Bank of Canada is scheduled to meet today, where they are expected to leave interest rates unchanged due to uncertainty caused by global risks.