Loonie declines as Middle East standoff boosts U.S. dollar
The Canadian dollar fell 0.2% to 1.3615 against the U.S. dollar as Middle East tensions drove safe-haven demand. Higher oil prices failed to lift the currency.
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Canada's dollar fell 0.2% to 1.3615 against the United States dollar on Monday afternoon as geopolitical tensions rattled investors. The USD/CAD pair reversed gains after touching its strongest intraday level since March 10 on Friday. Investors are weighing safe-haven demand against rising energy costs that could force faster interest rate hikes.
