Traders Turn to Canada’s Dollar as Iran War Jolts Market

The Canadian dollar has become a top pick in the $9.5-trillion-a-day foreign exchange market due to its link to oil prices as the war in the Middle East grinds on.

As most major currencies fell versus the US dollar this week in the wake of conflict between the US and Iran, the loonie has weathered the volatility that engulfed currency markets. Oil prices have climbed since attacks began last weekend, a supportive move for Canada, the world’s fourth-largest crude producer.