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Daily Pivots: (S1) 142.16; (P) 143.08; (R1) 143.61; More… No change in USD/JPY’s outlook and intraday bias remains neutral. On the upside, above 146.27 will target 148.64 resistance first. Firm break there will resume the rebound from 139.87. Nevertheless, break of 142.10 will bring deeper fall back to 139.87 low. In the bigger picture, price […]
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Daily Pivots: (S1) 0.8139; (P) 0.8189; (R1) 0.8222; More…. Intraday bias in USD/CHF is turned neutral with current recovery. Fall from 0.8475 could still extend lower, and break of 0.8156 will target 0.8038 low. But strong support should be seen from there to bring rebound, at least on first attempt. On the upside, break of […]
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Daily Pivots: (S1) 1.3478; (P) 1.3519; (R1) 1.3585; More… Intraday bias in GBP/USD remains neutral for the moment. With 1.3389 support intact, further rise is expected. On the upside, firm break of 1.3592 will resume larger up trend to 100% projection of 1.2706 to 1.3442 from 1.3138 at 1.3874. However, decisive break of 1.3389 will […]
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Daily Pivots: (S1) 1.1377; (P) 1.1413; (R1) 1.1480; More… Intraday bias in EUR/USD is turned neutral with current retreat. Rebound from 1.1064 could extend higher, but strong resistance should be seen from 1.1572 to limit upside, at least on first attempt. On the downside, break of 1.1209 support will indicate that the corrective pattern from […]
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The Toronto Sun is reporting that a deal between both sides could be imminent after a speech at the Empire Club in Toronto from Trump’s new emissary to Canada, Pete Hoekstra. There were mixed opinions about Hoekstra’s speech though but the crowd was said to be stirring up speculation about a deal happening before the G7 summit.
Hoekstra noted that “I am optimistic about where this relationship is and I’m more optimistic about where I believe this relationship is going”. That got the audience going even if he was light on any details about the situation.
One source commented that “it will happen before the G7, perhaps as early as next week”, with another attendee noting that “Ottawa knows what they need to do” following Hoekstra’s talk.
And despite the idea of Trump possibly doubling tariffs, the report cites a top source in Ottawa as saying that “there is a hopeful scenario in which there could be a deal, but the next 48 to 72 hours will be crucial”. Another source added “the target from the Carney team is to have a deal before the G7”.
Well, there’s certainly a lot of hope about what this can become. And if anything, it will also feed into the broader idea that Trump would rather de-escalate from here rather than escalate the trade war – not just with Canada, but everyone else too.
As for any deal here, I would imagine it being an outline or framework about a new deal in general rather than an outright renegotiation of the USMCA. But we’ll see.
This article was written by Justin Low at www.forexlive.com.