USD/CAD drops to 1.4350 on Trump tariff concerns, stable oil
USD/CAD declined 0.3% to 1.4350 as the Canadian dollar found support from stable crude oil prices and growing concerns about President Trump's tariff threats against Canada. WTI crude held steady at $78.50 per barrel, providing underlying support for the commodity-linked loonie. Market anxiety centers on Trump's proposed 25% tariffs on Canadian goods, which could significantly impact bilateral trade worth over $780 billion annually. The US dollar broadly weakened as traders reduced long positions ahead of key US inflation data due Wednesday. Technical analysis shows USD/CAD breaking below the 1.4380 support level, opening the path toward 1.4300. Resistance now stands at 1.4400 (broken support turned resistance). The pair's direction will likely depend on any clarification of US trade policy and this week's Canadian CPI data, expected to show inflation moderating to 2.7% year-on-year.
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