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USD/CAD Weekly Forecast May 1-5
Politics have dominated USD/CAD as increasing concerns over US protectionism since the Bank of Canada’s warning to the Senate committee on April 13th have attributed to a significant drop in the loonie. In a two-week rally, the pair has gained 2.4% and is seen trading at 14-month highs. President Trump magnified trade tensions in the past week as he focused on NAFTA negotiations. He announced a tariff to Canadian lumber imports and indicated that the US dairy industry was beeing treating unfairly in the early week. A White Official indicated that the US was looking to withdraw from NAFTA but a tweet from Trump in ... (full story)