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- USD/CAD holds firm as commodity-linked Canadian Dollar weakens amid lower oil prices.
- WTI struggles after Bloomberg reports Donald Trump plans to escort ships via the Strait of Hormuz.
- Iran proposed a one-month deadline for talks to reopen the Strait of Hormuz and end conflicts in Iran and Lebanon.
USD/CAD inches higher for the second successive day, trading around 1.3590 during the Asian hours on Monday. The pair remains stronger as the commodity-linked Canadian Dollar (CAD) faces challenges amid lower oil prices. West Texas Intermediate (WTI) oil price remains in the negative territory for the third successive day, trading around $98.50 per barrel at the time of writing.
Crude oil prices struggled following a Sunday report by Bloomberg indicating that Donald Trump said the United States will begin guiding neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday.
However, Ebrahim Azizi, a former commander in Iran’s Islamic Revolutionary Guards Corps (IRGC) and current head of the parliamentary National Security and Foreign Policy Committee, said any US interference in the new maritime regime of the Strait of Hormuz would be considered a violation of the ceasefire. He added that the Strait of Hormuz and the Persian Gulf are not a place for rhetoric.
The upside in USD/CAD may remain limited as the US Dollar (USD) struggles amid easing safe-haven demand, with traders assessing progress in US–Iran peace negotiations. Mediation efforts to end the conflict have continued as the war in Iran enters its third month. Donald Trump hinted that Tehran’s latest peace proposal may fall short of expectations, Bloomberg reported Sunday.
According to Axios, citing sources familiar with the matter, Iran has proposed setting a one-month deadline for talks aimed at reopening the Strait of Hormuz and ending both the US naval blockade and the conflicts in Iran and Lebanon.
