Trump Announces US-Canada Deal, Eyes Iran Negotiations

US President Donald Trump announced that a deal has been reached with Canada to avoid a 50% tariff on certain goods, following a conversation with Canadian Prime Minister Justin Trudeau. The agreement is subject to finalization and not yet fully locked in.

The news is positive for the Canadian dollar, although some of this has already been priced into the market due to US dollar weakness.

Trump also commented on the Strait of Hormuz situation, stating that a large number of vessels had passed through the waterway overnight. He suggested negotiations with Iran 'may be at some point', and added that oil prices will be 'a lot lower' once the conflict is resolved.