The USDCAD exchange rate is giving up some of its morning gains and is testing the 30-period exponential moving average (EMA30, light purple) following a statement by the Director of the National Economic Council (NEC) within the Executive Office of the President of the United States.
"Canada appears to have misunderstood the language in Trump's executive order", emphasized Kevin Hassett in his interview with CNBC. According to the NEC Chairman, discussions on tariffs are progressing positively, and Canadian and Mexican authorities are scheduled to meet with President Trump today regarding the issue.
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Create account Try a demo Download mobile app Download mobile appIn the initial reaction, markets interpreted Hassett's words as a potential signal to reduce the downward pressure on the Canadian dollar. However, shortly afterward, the Premier of Ontario, Doug Ford, announced that in the face of 25 tariffs, he would cancel a $100 million contract with Elon Musk's Starlink project. Losses on USDCAD reversed after Ford's statement.
Source: xStation5
