Forex
Oil Price Surge Lifts Canadian Dollar as US-Iran Tensions Escalate
The Canadian Dollar (CAD) is receiving support from firm oil prices, which have stabilized around $84.10 per barrel following two consecutive sessions of gains.
The West Texas Intermediate (WTI) crude price has been boosted by dimming prospects for a US-Iran deal, with President Donald Trump stating he has no interest in extending the interim peace agreement.
Brent crude has also extended its gains, rallying to $91.85 a barrel, its highest level in more than three weeks, as the US-Iran Strait of Hormuz standoff continues.
The USD/CAD currency pair is experiencing losses for the fourth consecutive day, trading around 1.3870 during European hours on Tuesday.