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CAD: CAD Surges Back to Positive as Ontario Rolls Back Electricity Surcharge

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USD/CAD corrects lower on the Ford headlines - Trump was particularly critical of the electricity surcharges levied against US consumers on Truth Social earlier today, which may be playing out in Ontario's decision to suspend the measures. Some positivity also clearly being read into Ford's comment that a "renewed" USMCA deal will be discussed ahead of the April 2nd reciprocal tariff deadline.

  • USD/CAD is now pressuring earlier daily lows of 1.4394, meaning the pair has shed ~125 pips off the daily high. Clearance and close below 1.4394 would help the formation of a bearish candle on the daily charts, however the pair remains sharply higher on the week.
  • The Thursday/Friday USD/CAD candles resemble a bullish engulfing line - and spot will have to trade through 1.4280 to erase any positive signals from this formation. This keeps the BoC decision tomorrow particularly live (see our preview for this just above), mirrored in the jerk higher for overnight CAD vols today (up to 12 points from ~7 points at the beginning of the week).
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USD/CAD corrects lower on the Ford headlines - Trump was particularly critical of the electricity surcharges levied against US consumers on Truth Social earlier today, which may be playing out in Ontario's decision to suspend the measures. Some positivity also clearly being read into Ford's comment that a "renewed" USMCA deal will be discussed ahead of the April 2nd reciprocal tariff deadline.

  • USD/CAD is now pressuring earlier daily lows of 1.4394, meaning the pair has shed ~125 pips off the daily high. Clearance and close below 1.4394 would help the formation of a bearish candle on the daily charts, however the pair remains sharply higher on the week.
  • The Thursday/Friday USD/CAD candles resemble a bullish engulfing line - and spot will have to trade through 1.4280 to erase any positive signals from this formation. This keeps the BoC decision tomorrow particularly live (see our preview for this just above), mirrored in the jerk higher for overnight CAD vols today (up to 12 points from ~7 points at the beginning of the week).