Cloud, who hails from Tallahassee, Fla., is undefeated (24-0, 19 KOs), while Pascal has a record of 26-2-1, including 16 KOs.
Cloud, 30, will be making the fifth defence of the then-vacant 175-pound title he won in a 12-round unanimous decision over Clinton Woods in August 2009.
Pascal, 29, is a former WBC world light heavyweight champion who lost the crown to Bernard Hopkins in May 2011.
The bout will take place at the Bell Centre on Aug. 11.
The co-feature will match Montreal's Adonis Stevenson, (18-1, 15 KOs) against an opponent to be announced in a super middleweight bout.