Falling crude prices and optimism over US-Iran talks weigh on the CAD, lifting the USD/CAD pair to near 1.4030.
The USD/CAD pair climbed to near 1.4030 in early European trading on Monday, driven by a decline in crude oil prices. The Canadian Dollar, closely tied to commodity markets, weakened against the US Dollar as oil prices fell.
Earlier, the pair had traded lower, but sentiment shifted amid hopes for progress in US-Iran negotiations, which could ease global oil supply concerns. The US ISM Manufacturing PMI data, due later today, may further influence the pair’s movement.
No immediate market reaction was reported beyond the currency pair’s rise.