USDCAD Holds 1.4085 After Carney's 50% Tariff Rebuke

Earlier, U.S. Trade Representative Jamieson Greer said discussions with Canadian officials remain constructive and have not been suspended. Greer said the administration has spent the past year urging Canada to remove its retaliatory tariffs. He reiterated that Trump's objectives are to reduce the trade deficit with Canada and bring more manufacturing back to the United States.

The USDCAD pushed back above its 200-hour moving average at 1.4085. That level gives the near-term bias a technical edge to the upside. A move back below it would weaken the bullish case, with the 100-hour moving average at 1.40417 as the next support.

Both sides have until August 19 to reach a resolution before the 50% duty takes effect.