The USD/CAD is trading at around 1.2965 up 0.65% on Tuesday. Driving the loonie are the uncertainties revolving around the Iran nuclear deal. The Canadian dollar is greatly affected by oil prices. US officials sayTrump is set to new sanctions on Iran but they can take months to go into effect and a “grace period” that would give room to negotiations, according to CNN. The USD/CAD is now retreating from daily highs which flirted with 1.3000 handle.