Tariff Shock Drives USDCAD Upside as Crude Slips

Cross-asset volatility is widening as traders juggle Treasury liquidity rhetoric, shifting geopolitical sanctions, and high-stakes corporate headlines ahead of tomorrow's second-quarter GDP revision and Core PCE data. Equities showed resilient pre-market footing led by Nasdaq futures [1][2], even as mega-cap tech navigates major idiosyncratic developments—including Tim Cook's planned transition to executive chairman at Apple [3] and expanding custom-chip competition impacting suppliers across the semiconductor complex [4][5]. Energy markets experienced notable pressure, with WTI and Brent falling around 3% as markets digested refined US sanctions on Iran alongside shifting transportation risk premiums [1][6][7]. In FX, bilateral frictions drove sharp…