As we continue to digest Trump’s tariffs, the dollar looks to be the early onset casualty as it continues to slump across the major currencies board today. But the loonie can also rejoice a bit as Trump didn’t double down on tariffs against Canada in his latest salvo. That makes just the 25% tariffs last month and the baseline 10% tariffs on all goods coming into the US. Oh, and of course the auto tariffs here.

The mix of everything is seeing USD/CAD ease lower for now, with the pair nudging closer towards a test of the February low at 1.4150.

That is a key support level to watch in the sessions ahead. A break of that could pave the way for a push back towards 1.4000 and testing the 200-day moving average (blue line). So, there are some key technical considerations to keep an eye out for.

As for the fundamental side of things, it’s still going to be a hell of a mess to sort through in the days/weeks ahead. There’s still so much uncertainty and plenty of moving parts in terms of retaliation and what not, that it will make it extremely tough for market players to draw any firm conclusions.

But for now, the dollar is the one that’s being pushed down in the first wave. And the technical considerations are starting to factor in as well, as seen above.