USDCAD moved to session lows of.......>

DOLLAR-CANADA: USDCAD moved to session lows of 1.2928 after ABC sources

suggested that US Treasury Secretary Mnuchin has urged Trump to exempt Canada

from the steel & aluminium tariffs.

- The cross breached the initial recovery high from Jun 04 at 1.2946, which

provided support, with the next level of support noted at Tuesday's intraday low

of 1.2914. USDCAD last deals at ~1.2940.

- The pair ran out of momentum after the initial jolt lower. The follow through

was perhaps limited as the piece noted that not all of the advisers present,

including trade hawk Peter Navarro, were in agreement, according to two sources

familiar with the conversations. They say the group has been known to harbor

ideological differences on major economic issues and the meeting adjourned

without any clear resolution to the matter. NAFTA issues are also deemed

separate to the tariffs, and continue to cloud the outlook for CAD traders.

- Canadian trade data presents the most notable CAD-centric economic release on

Wednesday.