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fxAug 4, 2026, 1:29 PM

Canadian Dollar Weakens as Oil Prices Slide on US-Iran Deal Hopes

USD/CAD reversed earlier losses on Tuesday as falling oil prices weighed on the commodity-linked Canadian Dollar. Comments from US Treasury Secretary Scott Bessent on a potential US-Iran deal dampened crude prices.

USDCAD

The Canadian dollar gave up early gains against its U.S. counterpart on Tuesday, with USD/CAD reversing course as crude oil prices slid. The move followed remarks by U.S. Treasury Secretary Scott Bessent, who signaled progress toward a U.S.-Iran agreement, dampening oil supply concerns and weighing on the commodity-linked loonie.

The decline in oil prices directly pressured the Canadian currency, which often tracks crude due to Canada's significant energy exports. Markets will monitor further developments on the Iran deal for near-term direction.

Source: FXStreet Forex News