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U.S. President Donald Trump reaffirmed on Monday that tariffs on imports from Canada and Mexico “will go forward” once the temporary 30-day delay expires next week.
Earlier this month, the Trump administration announced a 25% tariff on a broad range of goods from both countries but granted a temporary suspension after Canada and Mexico committed to enhancing border security and combating drug trafficking.
However, speaking at a joint press conference with French President Emmanuel Macron at the White House, Trump made it clear: “The tariffs are going forward on time, on schedule.” This firm stance has intensified market concerns, particularly regarding potential retaliatory measures from Canada and Mexico, which could impact trade flows and broader economic conditions.
Market Reaction: USDCAD Technical Outlook
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(USDCAD 4-H Chart Analysis, Source: Trading View)
Currently, the pair remains below the 200-period moving average, indicating that bearish pressure persists despite the short-term rebound. From a technical standpoint, 1.4280 serves as a key decision point. A breakout above this level could pave the way for further upside, potentially driving USDCAD toward 1.4480, the recent swing high.
Conversely, if 1.4280 holds as resistance, renewed selling pressure could push the pair lower, with 1.4100 as the next downside target, and a deeper decline possibly extending toward 1.3900.
USD/CAD at a Crossroads on Trade Uncertainty
While Trump’s tariffs introduce trade uncertainties, their impact on the Canadian dollar may be limited as both the U.S. and Canada face economic repercussions, especially if Canada retaliates.
As a result, USD/CAD movement may not be solely driven by trade policy but also by broader market sentiment and technical factors. For now, we will focus on price action, with 1.4280 serving as a key decision point to gauge the pair’s next direction.
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