The Canadian Dollar is the weakest currency in the market today, falling heavily against all the other Major currencies after President-Elect Donald Trump threatened Canada with a 25% tariff on their exports to the US.
This weakened the Canadian Dollar and as a result, USDCAD is trading higher while CADJPY is trading lower.
On the charts, we are seeing some interesting pullbacks that traders would be interested in if they were to enter the market.
USDCAD upside from 1.41.
CADJPY downside from 109.2.
US Consumer Confidence data is scheduled for 4pm local time and although it is not expected to move markets much, a very positive number, well above 111.8 could see USDCAD push further higher.
Traders should also keep an eye on the geopolitics side, with Russia-Ukraine a major focus.