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Oil Prices Weigh on Canadian Dollar Amid Hopes of US-Iran Talks

Guavy AI Editorial Team
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The Canadian Dollar has weakened on falling oil prices amid hopes of US-Iran talks. The USD/CAD pair rose to near 1.4030 during the early European session on Monday.

The drop in crude oil prices weighed on the commodity-linked Canadian Dollar against the US Dollar. Oil prices fell sharply due to hopes of fresh talks between the US and Iran, which eased concerns over potential supply disruptions. As Canada is a major oil-exporting country, low crude oil prices generally have a negative impact on the Loonie.

The US employment data will be released on Friday, with the Nonfarm Payrolls (NFP) expected to increase by 91,000 in July, versus 57,000 prior. A stronger-than-expected outcome would reinforce bets on a US September rate hike and support the Greenback.

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