USD/CAD briefly popped higher as......>

DOLLAR-CANADA: USD/CAD briefly popped higher as BBG cited sources noting that

the U.S. may announce tariffs on aluminium imports from Canada by the end of

this week, should Canada refuse to restrict its aluminium exports. This comes

after USD/CAD jumped to C$1.3571 only to erase gains thereafter, driven by the

convoluted messaging from White House advisor Navarro (well documented in

earlier bullets) on both swings.

- The rate last sits at C$1.3528, a touch higher on the day. Above Jun 15 high

of C$1.3686 would open up May 29 high of C$1.3715. On the flip side, a fall

through Jun 16 low of C$1.3505 would bring Jun 11 low of C$1.3398 into play.

- In local news, Toronto will allow another group of businesses, including

restaurant patios, shopping malls and swimming polls, to reopen on Wednesday.

- On the geopolitical front, PM Trudeau refused to consider swapping Huawei CFO

Meng Wanzhou for two Canadian prisoners held in China.

- Meanwhile, BoC Gov Macklem said yesterday that Canada's road to economic

recovery will be long and hence the central bank will need to continue gov't

bond purchases to keep interest rates at record lows.