Canadian Dollar flattens as investors seek fresh developments regarding US-Iran deal
The Canadian Dollar (CAD) trades broadly flat against its major currency peers, except the New Zealand Dollar (NZD), wobbling around 1.3810 against the US Dollar (USD) during the Asian trading session on Wednesday.
The North American currency struggles for direction as investors seek fresh developments regarding negotiations between the United States (US) and Iran towards ending the war in the Middle East permanently and the reopening of the Strait of Hormuz.
Negotiations between the US and Iran continue despite Tehran alleging Washington for launching attacks, which the US Central Command described as “defensive” and were designed "to protect our troops from threats posed by Iranian forces", BBC reported.
On Tuesday, an Iranian official said the unfreezing of Iran's funds is the last serious sticking point with the US being resolved through Qatar mediation, according to Iran’s Fars agency. However, there had been no official confirmation. This improves the hopes that both nations are close to reaching a deal.
On the domestic front, investors await the Canadian monthly and Q1 Gross Domestic Product (GDP) data, which will be released on Friday. Month-on-Month Canadian GDP is estimated to have grown at a moderate pace of 0.1% against the previous reading of 0.2%. On an annualized basis, the economy is expected to have expanded 1.5% in the first quarter of the year after contracting by 0.6%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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