Canadian Dollar Softens Amid Middle East Peace Concerns
The loonie fell from a six-week high as Middle East peace talks stalled. Oil prices rose to $92.13 while PM Mark Carney formed a new US trade advisory council.
The Canadian dollar retreated from a six-week peak on Tuesday as geopolitical tensions in the Middle East dampened investor appetite. The USD/CAD currency pair saw the loonie trading 0.2% lower at 1.3667 per U.S. dollar, or 73.17 U.S. cents, after previously reaching its strongest intraday level since mid-March at 1.36315.
Markets are closely monitoring developments in Iran, where officials have yet to confirm participation in critical peace negotiations with the United States. This uncertainty follows reports of U.S. forces boarding a large Iranian oil tanker shortly before a scheduled ceasefire in the Gulf was set to expire.
