USD/CAD pares its intraday gains, trading around 1.3780 during the Asian session on Friday.
USD/CAD surrenders some of its intraday gains as Iranian media denies any foreign attack on its cities. The higher WTI price provides support for the Canadian Dollar. The Greenback gained traction after Fed officials conveyed hawkish messages on Thursday. However, the pair received upward support as the safe-haven US Dollar gained traction following news of Israeli missiles striking a site in Iran, exacerbating tensions in the Middle East.
On the US Dollar's front, Federal Reserve officials conveyed hawkish messages on Thursday, leading to a surge in US Treasury yields and the US Dollar, consequently, underpinning the USD/CAD pair. Traders are expected to closely monitor Atlanta Fed President Raphael Bostic, who will speak regarding the US economic outlook at the University of Miami, Florida.
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