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Rosenberg Research Notes Canadian Dollar Underpeforming Amid Lower Oil Prices

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With the prospect of lower geopolitical tensions and a peace deal in sight between the United States and Iran, the US dollar (USD) has sold off early Friday as the demand for safe havens cooled, said Rosenberg Research.

Oil prices are responding to the possibility of a deal between the U.S. and Iran, as both Brent and WTI have pulled back by more than 4.0%, noted Rosenberg Research.

The other currencies that are underperforming as things settle are the Canadian dollar (CAD or loonie) and the Norwegian krone (NOK), two currencies that markets closely identify with oil price moves, stated Rosenberg.

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