I've been banging on this drum all day because I think there could be an opportunity here:
Alberta Premier Danielle Smith says Canada is optimistic about a near-term trade deal with the US.This comes after late yesterday there was a report in the Toronto Sun citing a source saying "it will happen before the G7, perhaps as early as next week".
This isn't touted as a complete deal but would outline "broad strokes of a new trade deal". Presumably it would provide some certainty and likely lower tariffs on Canadian steel. It would undoubtedly be a CAD tailwind.
Carney today was asked about talks with the US and said:
“Those discussions are progressing"
Canada's top trade negotiator was also in Washington yesterday.
Perhaps tellingly, the industry minister for Canada also said "they need more time" before responding to tariffs. USD/CAD today traded at the lowest since October and there isn't much support until 1.34.
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