Forex
Oil Price Surge Bolsters Canadian Dollar Ahead of US-Iran Talks
The Canadian Dollar strengthened on Tuesday ahead of potential US-Iran talks and rising oil prices.
Oil prices rose in anticipation of a possible meeting between the two nations, which could support Canada's commodity-linked currency.
The USD/CAD pair softened to near 1.4025 during the early European session, but may be capped by the Federal Reserve's hawkish tilt.
Fed officials are scheduled to speak later on Tuesday, including John Williams, Philip Jefferson, and Thomas Barkin, who have signaled a strong stance against inflation.
The Bank of Canada is also facing pressure from rising oil prices, which tend to increase the CAD's value.