USDCAD Currency Pair Trend After Fed Chairman Powell Testifies
USDCAD News:
🔆A White House official said late Tuesday that the 25% tariffs that U.S. President Donald Trump is planning to impose on all steel and aluminum imports will be added to other tariffs on Canadian goods, bringing the total to 50%.
🔆Earlier this month, Trump imposed 25% tariffs on most Canadian goods. However, those tariffs were suspended for 30 days last week.
🔆Canada appoints new fentanyl chief to coordinate anti-smuggling efforts, following through on previous Trump administration pledges to do more to stem the flow of fentanyl across the U.S. border
Viewpoint:
🔆USD could continue to rise against CAD. With the DXY Index and U.S. 10-year Treasury yields currently rising, the USD could continue to rise against CAD. With Powell's neutral stance, the USDCAD pair is likely to continue its upward momentum yesterday after touching the support level of 1.427. And investors are waiting for further steps on Trump's tariff policy and today's US CPI to have a reasonable strategy.
🔆A White House official said late Tuesday that the 25% tariffs that U.S. President Donald Trump is planning to impose on all steel and aluminum imports will be added to other tariffs on Canadian goods, bringing the total to 50%.
🔆Earlier this month, Trump imposed 25% tariffs on most Canadian goods. However, those tariffs were suspended for 30 days last week.
🔆Canada appoints new fentanyl chief to coordinate anti-smuggling efforts, following through on previous Trump administration pledges to do more to stem the flow of fentanyl across the U.S. border
Viewpoint:
🔆USD could continue to rise against CAD. With the DXY Index and U.S. 10-year Treasury yields currently rising, the USD could continue to rise against CAD. With Powell's neutral stance, the USDCAD pair is likely to continue its upward momentum yesterday after touching the support level of 1.427. And investors are waiting for further steps on Trump's tariff policy and today's US CPI to have a reasonable strategy.
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