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USMCA dispute lifts USDCAD back above 200-hour moving average
Canada PM Mark Carney said newly announced US tariffs violate the USMCA, while Trump and Carney agreed to intensify talks before tariffs take effect August 19.
Canada PM Mark Carney said the Trump administration's newly announced tariffs violate the spirit of the USMCA, according to Forexlive. Carney also noted he spoke with President Trump and agreed to intensify trade negotiations over the coming weeks, aiming to reach a resolution before the tariffs are scheduled to take effect.
Forexlive said the Trump administration escalated the US-Canada trade dispute by imposing a 50% tariff on a broad range of Canadian imports under Section 338 of the Tariff Act of 1930, the first time the law has been used. The tariffs are scheduled to take effect in 30 days, on August 19, leaving a negotiating window.
From a currency-market angle, Forexlive reported USDCAD pushed back above its 200-hour moving average at 1.4085, giving buyers a near-term technical edge. The same source said a move back below that level would weaken the bullish case, with the 100-hour moving average at 1.40417 noted as the next key support level.