USD/CAD rebounds from 1.3775 as Canada faces ongoing US steel tariffs
USD/CAD has bounced from session lows of 1.3784 to trade near 1.3810, recovering approximately 25 pips from intraday lows. The pair initially weakened following comments from Canadian PM Carney regarding unjustified US tariffs on steel and autos, highlighting ongoing trade tensions between the two nations. Technical support at 1.3781 held firm, with additional backing from the 100-hour moving average at 1.3775, prompting the rebound. The ongoing tariff dispute continues to weigh on Canadian dollar sentiment, though the impact remains muted as markets have largely priced in these trade frictions. Near-term resistance sits at 1.3850, while a break below 1.3775 could accelerate losses toward 1.3740. Traders should monitor any escalation in trade rhetoric or potential retaliatory measures from Canada, which could introduce additional volatility to the pair.
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