Posthaste: Uh oh! Another economic domino falls in Canada on the war in Iran

Since the war in the Middle East erupted in late February, the loonie slipped 0.2 per cent against the United States currency as West Texas Intermediate crude oil rose roughly 34 per cent. The divergence prompted traders to boost their bets against the Canadian dollar. Meanwhile, the Norwegian krone and Australian dollar, other commodity-linked currencies, have rallied in that period.

Traders have been souring on the loonie, with hedge funds turning the most bearish on the currency this year in the week through April 14. — Bloomberg

Read the full story here.