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USD/CAD on the rebound towards important technical level after US/Canada trade talks collapse
The talks between the US and Canada have reached an impasse and that is a polite way of putting in really. The US will now impose 50% tariffs on a number of Canadian imports commencing in the second week of September. For their part the Canadians have vowed to match those dollar for dollar. The impact of all this has sent the USD/CAD higher, as it seems likely that Canada will suffer the fallout from this more than the US.
So, the USD/CAD was already on the rebound last week having traded close to 1.3730 earlier in that week. Prior to that the USD/CAD had fallen back following another really strong Canadian jobs report seen earlier in the month. Well, the USD/CAD closed on Friday at 1.3760.
The impact of this trade news has sent it as high as 1.3831, set just a moment ago. That means it is now approaching the 200 day moving average on the topside this time around and that is in place at 1.3844. The USD/CAD is right now at 1.3830
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USD/CAD on the rebound towards important technical level after US/Canada trade talks collapse
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