 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightMid-Day Report: Canadian Dollar Dives as Trump Plays Tariff Card in NAFTA Negotiations Canadian Dollar suffers steep selling today as US President Donald Trump singles out Canada and Mexico in his trade war rhetorics. He said in a tweet that "NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs." And, "tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed." It should be noted that again that Canada (16%) and Mexico (9%) were the first and fourth steel importers to US in 2017. Technically, USD/CAD took out a key resistance level at 1.2919 and which confirmed resumption of medium term rise from 1.2061. Technical OutlookUSD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.2828; (P) 1.2871; (R1) 1.2924; More.... USD/CAD surges to as high as 1.2988 today and the firm break of 1.2919 resistance confirms resumption of whole medium term rise from 1.2061. Intraday bias is back on the upside for 1.3065 fibonacci level next. On the downside, below 1.2888 minor support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2757 resistance turned support holds. Suggested ReadingsEURAUD Extends its Gains; Reaches a New 2-Year High RBA Expected to Stand Pat; Other Key Data Out of Australia on the Agenda Euro Continues to Struggle amid Italian Political Risks; European StocksRise Futures Steady as Trump Tariff Stance Hardens Euro Falls On Uncertainty Over Italy, Equities Remain Under Pressure On Trade Concerns Economic Data
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