USDCAD: Trump's Tariffs Shake USD/CAD - A Bearish Wave in Motion
Yesterday, Trump announced his most extensive tariffs yet, imposing at least 10% duties on all trading partners except Canada and Mexico. For some countries, these tariffs exceed 20%, 30%, or even more.
This move boosted the Canadian dollar (CAD), as it appears to be one of Trump's preferred currencies. Overnight, the USDCAD pair dropped nearly 140 pips, testing levels seen on March 26th, March 6th, and February 25th.
By this morning, USDCAD broke through a strong support zone, falling further to 1.4120—a decline of nearly 250 pips in just 12 hours.
The market expects that these tariffs could lead to significant challenges for the US economy in the coming years. After this sharp drop, USDCAD might take a breather before continuing its bearish trend.
Key support levels: 1.4050, 1.3930, and 1.3800.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Yesterday, Trump announced his most extensive tariffs yet, imposing at least 10% duties on all trading partners except Canada and Mexico. For some countries, these tariffs exceed 20%, 30%, or even more.
This move boosted the Canadian dollar (CAD), as it appears to be one of Trump's preferred currencies. Overnight, the USDCAD pair dropped nearly 140 pips, testing levels seen on March 26th, March 6th, and February 25th.
By this morning, USDCAD broke through a strong support zone, falling further to 1.4120—a decline of nearly 250 pips in just 12 hours.
The market expects that these tariffs could lead to significant challenges for the US economy in the coming years. After this sharp drop, USDCAD might take a breather before continuing its bearish trend.
Key support levels: 1.4050, 1.3930, and 1.3800.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.