USD surge after Trump’s 35% tariff hit on Canada is retracing

Forex Short News

The Canadian dollar was a notable loser on the news:

But losses were wider than just CAD> EUR, AUD, NZD, GBP, JPY and CHF all fell against the big dollar.

Equities also, ES and NQ both dropped on Globex.

We did get some clarity that softened the 35% a little:

Along with traders expecting that Trump’s announcement would soon be dialled back, given his ‘TACO’ reputation now, that USMCA news has also restored some confidnece.

AUD/USD is back where iit started. EUR, GBP, NZD and CHF still have ground to recover. The yen is not even close, its barely retrced at all from highs around 146.80.

USD/CAD, of course, is a focus, CAD has recovered a little:

This article was written by Eamonn Sheridan at www.forexlive.com.