USD/CAD Dips to 1.4060 as Oil Prices Rise on US-Iran Tensions

The USD/CAD pair attracted sellers in early European trading on Thursday, falling to around 1.4060. The move was driven by a rise in crude oil prices, which strengthened the commodity-linked Canadian Dollar against the US Dollar.

Oil markets gained on heightened geopolitical risk after reports of escalating conflict between the US and Iran. Higher oil prices tend to benefit the Canadian Dollar due to Canada's status as a major oil exporter.