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Canadian Dollar Up with Oil on Fears US to End Iran Trade Waivers
The Canadian Dollar rose alongside crude oil prices, which jumped to a six-month high amid reports that the US is preparing to announce that it will discontinue granting sanctions waivers to countries trading with Iran. The similarly-minded Norwegian Krone was also broadly higher. The oil industry is a standout driver of economic growth in both Canada and Norway. Broader risk appetite soured in tandem. That probably reflected worries about rising energy prices at a time when global growth seems wobbly as well as fears about the knock-on effects that such a US escalation might have were it to materialize. For example, ... (full story)