USD/CAD moves higher on Tuesday and trades around 1.3760 at the time of writing, up 0.17% on the day, as the Canadian Dollar (CAD) struggles to fully benefit from higher Oil prices.

Commerzbank’s Carsten Fritsch says platinum remains in a multi-year deficit, with above-ground stocks expected to cover less than three months of demand in 2026. However, World Platinum Investment Council (WPIC) data also point to a Q1 surplus and weaker demand.

TD Securities interprets the Reserve Bank of Australia (RBA) May Minutes as reinforcing a preference to stay on the sidelines near term, with markets pricing only a small chance of a June hike.

United States Redbook Index (YoY) dipped from previous 9.6% to 8.1% in May 15

MUFG's Lee Hardman highlights a sharp GBP rebound, with GBP/USD back above 1.3400 as reports suggest Andy Burnham would keep existing United Kingdom (UK) fiscal rules.

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner see upside risks for the Dollar as bond markets remain volatile and Middle East developments drive sentiment.

Canada’s inflation picked up pace in April, with the Consumer Price Index (CPI) rising 2.8% from a year earlier, below market expectations and up from the 2.4% increase recorded in March. On a monthly basis, prices rose 0.4%.

Canada New Housing Price Index (YoY) remains at -2.3% in April

Canada Consumer Price Index - Core (MoM) rose from previous 0% to 0.1% in April

Canada New Housing Price Index (MoM) below expectations (0%) in April: Actual (-0.4%)

Canada Consumer Price Index (YoY) registered at 2.8%, below expectations (3.1%) in April

Canada BoC Consumer Price Index Core (MoM) unchanged at 0.2% in April

Canada Consumer Price Index (MoM) below expectations (0.6%) in April: Actual (0.4%)

Canada BoC Consumer Price Index Core (YoY) declined to 2.1% in April from previous 2.5%

Canada Building Permits (MoM) came in at 10.3%, above expectations (4%) in March

Private-sector hiring in the United States (US) remains strong according to the ADP National Employment Report (NER) Pulse: For the four weeks ending May 2, the private sector added an average of 42,250 jobs per week, with hiring strengthening for the second week in a row.

Deutsche Bank’s Henry Allen notes that despite the Iran conflict and higher long-dated Oil prices, risk assets and equities have remained resilient as the Brent curve stays heavily backwardated.

Silver (XAG/USD) remains under pressure on Tuesday and trades around $76.00 at the time of writing, down 2.13% on the day.

United States ADP Employment Change 4-week average up to 42.25K in April 25 from previous 33K

United States ADP Employment Change 4-week average climbed from previous 33K to 42.25K in April 25

Commerzbank’s Carsten Fritsch, citing Metals Focus, reports that the palladium market is set for a fifth consecutive annual supply deficit in 2026. Demand is forecast to edge lower overall, with automotive demand broadly stable and no sharp e‑mobility impact yet.

The Australian Dollar (AUD) resumes its downtrend against the US Dollar (USD) on Tuesday, and is trading a few pips above one-month lows in the 0.7100 area at the time of writing.

BNY’s Bob Savage notes the Reserve Bank of Australia (RBA) sees elevated risks that inflation expectations drift higher, potentially requiring a deeper slowdown. Oil-driven price pressures and three rate hikes to 4.35% frame the backdrop for AUD/USD.

Gold (XAU/USD) trades on the back foot on Tuesday as traders closely monitor developments surrounding the US-Iran negotiations and amid a broad macroeconomic background linked to the prolonged conflict that continues to weigh on the precious metal.

Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD has given back part of its gains as weaker United Kingdom (UK) labor market data dampens Bank of England (BoE) tightening prospects.

ING’s Francesco Pesole expects a sharp rise in Canada’s April Consumer Price Index (CPI), but sees limited pressure on the Bank of Canada (BoC) to hike.

Gold price (XAU/USD) trades 0.55% lower at around $4,540 during the European trading session on Tuesday. The yellow metal faces selling pressure as United States (US) Treasury Yields remain broadly firm due to expectations that the Federal Reserve (Fed) will not cut interest rates this year.

Rabobank’s Senior Macro Strategist Bas van Geffen notes that Oil remains directionless as the Gulf conflict oscillates between negotiation and potential escalation.

A spokesperson from Qatar’s Foreign Ministry said that communication between leaders in the region is ongoing and with conflict parties to prevent a return to escalation.

According to Iran’s Iranian Students' News Agency (ISNA), Iran’s army has warned it would “open new fronts” against the United States (US) if it resumes attacks on the country, The Guardian reported.