US Dollar Strengthens Amid Safe-Haven Demand, Canada Under Tariff Pressure

The US Dollar has strengthened slightly after recent weakness due to increased safe-haven demand and a more hawkish view of the Federal Reserve's path ahead, following the release of FOMC minutes.

The Canadian Dollar is currently the weakest major currency after the United States threatened new 50% tariffs on Canadian autos, parts, and steel. As a result, USD/CAD has risen sharply and remains a key Forex pair to watch for potential upside continuation.

In related news, the UK Pound (GBP) remains close to its six-month high against the US Dollar, while the Australian Dollar may receive a boost from recent RBA minutes indicating consideration of a rate hike. Meanwhile, new US sanctions targeting Iran have increased geopolitical tension, but their impact on financial markets has been muted.

The price of gold has remained firm near $4,675 due to lower Treasury yields and lingering USD weakness, while Bitcoin is trading relatively stable around $78,800 after a strong recent week. Ethereum has reached a new six-month high but faces resistance at $2,544.