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USD/CAD Struggles Near 1.4050 as Crude Oil Prices Surge on US-Iran Uncertainty

Guavy AI Editorial Team
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CAD
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The USD/CAD pair is struggling to make gains as it trades near the 1.4050 level, nearly unchanged for the day.

The uncertainty over US-Iran talks has led to a modest uptick in crude oil prices, which underpins the commodity-linked Canadian Dollar and acts as a headwind for the USD/CAD pair.

Rabobank's Benjamin Picton described the recurring pattern around the Strait of Hormuz as a 'Groundhog Day' for markets, warning that later in the week strikes typically resume, oil prices rally, equities sell, and bond yields rise.

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