White House eases some Canadian tariffs five hours before markets open

US tariff relief on select Canadian imports arrives ahead of midterms, easing some cross-border friction while the dollar stays firm and oil remains elevated above $100. Exchange inflows continue to test supply at current levels with no offsetting demand surge visible, leaving price action in low-conviction range. Sanctions tightening on Iran-linked flows and persistent real yields above 4 percent add structural pressure that on-chain metrics do not offset. The open question is whether tariff adjustments will ease dollar funding stress or simply defer it into the next data round.