Canadian Dollar Rises Slightly Ahead of Iran Deadline
The loonie rose to 1.3900 per U.S. dollar on Tuesday as markets awaited an Iran oil deadline. This came as data showed a contraction in March domestic activity.
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The Canadian dollar edged higher against its American counterpart on Tuesday, although the currency's advance was limited by weak domestic data and looming geopolitical risks. Investors are currently focused on a deadline set by the United States for Iran to cease its blockade of oil routes in the Gulf.
The USD/CAD exchange rate saw the loonie trading 0.1% stronger at 1.3900 per U.S. dollar, or 71.94 U.S. cents. During the session, the pair fluctuated between 1.3892 and 1.3929, remaining above the near four-month low of 1.3966 reached last week.
