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- USD/CAD weakens as the US Dollar softens amid optimism over a potential Tehran deal.
- Defense Secretary Pete Hegseth said the US-Iran ceasefire holds despite Gulf clashes over the Strait of Hormuz.
- The commodity-linked CAD may weaken as oil prices fall amid easing supply concerns on fading Middle East tensions.
USD/CAD extends its losses for the second successive day, trading around 1.3600 during the Asian hours on Wednesday. The pair retreats as the US Dollar (USD) softens on reduced safe-haven demand, driven by rising optimism over a potential deal with Tehran.
Washington announced an end to offensive operations against Iran and reaffirmed the ceasefire, with US Secretary of State Marco Rubio stating that “Operation Epic Fury is concluded,” adding that its objectives had been achieved.
However, US Defense Secretary Pete Hegseth said on Tuesday that the ceasefire with Iran was not fully settled, as both sides continued exchanging fire in the Gulf amid tensions over control of the Strait of Hormuz.
Losses in the USD/CAD pair may be capped, as the commodity-linked Canadian Dollar (CAD) may face pressure from weaker oil prices. West Texas Intermediate continues to decline, trading near $97.90 per troy ounce at the time of writing.
Oil prices are falling as supply concerns ease alongside fading Middle East tensions. US President Donald Trump stated that the US would temporarily pause efforts to help stranded vessels exit the Strait of Hormuz, allowing time to evaluate prospects for a deal with Iran to end the conflict.
