Canada is preparing steel quotas and tariffs on China and other nations.
The USDCAD has moved up on the headline, but I am thinking that the tariff is in response to dumping of China steel (and other nations) into Canada (getting around the US tariffs), and that could be good for NAFTA talks if that dumping is stopped. That in turn, would/should be a positive for CAD.
The price of the USDCAD has moved above and below the 100 hour MA. The price is currently back above that MA (lower CAD....HMMMMM).
If the market starts to view the move as good for NAFTA (i.e., the US tariffs on steel/aluminum, and risks of autos tariffs are taken off), and ultimately good for CAD, a move below that MA at 1.3300 would be eyed as a more bearish play for the pair (higher CAD).
Currently, the initial reaction was higher which I am not sure is the right way, but it is a touch more bullish technically. Move back below the 100 hour MA, and the potential exists for buyers to give up and sellers to enter with more momentum. Be aware.