TRENDING:

XAU/USD

EUR/USD

USD/CAD spikes on Trump-Trudeau stand-off and 20% tariffs on Canadian lumber

Ross J Burland FXStreet

Currently, USD/CAD is trading at 1.3552, up 0.40% on the day, having posted a daily high at 1.3556 and low at 1.3497.

Trump's administration plans to impose 20% tariff on Canadian soft lumber imports - DJ

USD/CAD has rallied out of the tight ranges of the US market. USD/CAD just jumped 40 pips on the back of news hitting the wires that Trump plans to impose 20% tariff on Canadian soft lumber imports. Trumps relation with Prime Minister Justin Trudeau who is sticking to his guns in respect to Trump's pressures of late over such industry as
energy, lumber, and dairy after Trump recently said that Canadian dairy policies were a “disgrace” to U.S. farm workers.

USD/CAD levels

Near-term support comes in at 1.3420 while the market is better bid with the medium term MA’s bullishly aligned as spot takes on the mid point of the 1.35 handle. 1.3580 is on the cards now we are at 2017 fresh highs, so a test of 1.3580 opens 1.3600. 1.3409 holds the downside target. Analysts at Brown Brothers Harriman offered their analyses, “The technical indicators point to additional US dollar strength, with CAD1.36 being the next obvious target. In addition to corresponding to the highs from Q4 16, it is also the 50% retracement objective of the US dollar slide from the January 16 high near CAD1.4700. The greenback's sharp advance is forcing the Bollinger Band to widen. The upper band is found near CAD1.3500.”

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD bounces off lows, back above 1.3200

After bottoming out near 1.3160, GBP/USD manages to regain a bit of shine and reclaim the 1.3200 mark and beyond at the end of the week. Stronger-than-expected UK Retail Sales data seem to be helping the British Pound limit its losses, while the chaotic UK political environment keeps the bulls at bay for now.

EUR/USD looks consolidative around 1.1460

EUR/USD stages a modest rebound after slipping to a three-month low below 1.1420 at the end of the week. That said, the pair now looks to consolidate humble gains just above 1.1460 despite growing uncertainty surrounding the next round of US-Iran negotiations, which keeps the US Dollar’s downside contained.

Gold slips back to six-day lows, targets $4,100

Gold retreats for the third consecutive day on Friday, eroding gains seen in the first half of the week and approaching the key $4,100 mark per troy ounce. Indeed, the precious metal continues to face headwinds from the Fed's hawkish stance and renewed uncertainty surrounding the next round of US-Iran negotiations.

Solana extends correction despite ETF inflows, RWA adoption

Solana (SOL) price edges below $70 extending its losses for the fourth straight day this week. The institutional demand for Solana is building, with steady inflows so far this week and Morgan Stanley’s amended S-1 filing for a Solana-focused Exchange-Traded Fund.

The Iran war didn't break the US economy, but what happens next?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.

USD/CAD spikes on Trump-Trudeau stand-off and 20% tariffs on Canadian lumber

Broker Reviews

Editor's Picks