Forex: USD/CAD plunges the EU prepares an Iranian oil embargo (Barcelona) - Crude oil is up by 1% at $99.30, rallying towards $100 as news from an Iranian oil embargo become real starting in July and a ban on petrochemical imports starting in May.

The crude oil correlated currency Loonie is strengthening against the USD and printings new daily lows. At the moment, the USD/CAD is quoting at 1.0085.

Jan-19 low at 1.0070 is the next support level as the pair approaches parity.