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CAD Bothered By U.S.-Canada Trade Tensions

DOLLAR-CANADA

USD/CAD had a brief look above yesterday's best levels, as concern over renewed U.S.-Canada trade tensions continues to linger. Thursday saw U.S. Pres Trump slap a 10% tariff on some Canadian aluminium imports, as the POTUS accused Canadian aluminium producers of breaking their commitment "not [to] flood our country with exports and kill all our aluminium jobs". Trade jitters contributed to the loonie's underperformance Thursday, making the currency the worst G10 performer.

  • Canada pledged a "dollar-for-dollar" retaliation against "unwarranted and unacceptable" U.S. tariffs.
  • The rate has backed off from a session high of C$1.3325 and last sits at C$1.3309, marginally above neutral levels. Bulls look for a resumption of topside impetus and a break above Jul 30 high of C$1.3460 would open up Jul 9 high of C$1.3491. Bears hope for an imminent retreat, as the recent death cross formation supports their case. A fall through Aug 5 low of C$1.3234 would draw attention to Feb 21 low of C$1.3202.
  • Canada's labour market data takes focus today.
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