The Canadian dollar strengthens against the US dollar despite oil price declines amid US-Iran negotiation developments.
The USD/CAD pair retreated to 1.3803 on Monday, ending a four-day winning streak. The Canadian dollar advanced despite downward pressure from falling oil prices, supported by a softer US dollar as markets tracked progress in US-Iran negotiations.
The pair had earlier reached an intraday high before easing back. Recent sessions saw the loonie under pressure from broader USD strength, though Monday’s move marks a shift in sentiment. Oil prices, a key driver for the Canadian economy, remained a headwind.
Traders are monitoring geopolitical developments for further cues on currency movements.