Yesterday, the U.S. announced the scrapping of the 10% aluminum tariff on Canada after they expect imports to decline. However, in a scenario whereby the declined amount is not as expected, tariffs will be applied to the excess imports.
The Canadian CPI m/m data (Forecast: 0.1%, Previous: 0.0%) will be released later at 2030 (SGT).
Currently, USD/CAD is testing the resistance zone of 1.31800 and the next support zone is at 1.29800. If the released CPI data is better than forecasted, look for short-term selling opportunities of USD/CAD if it bounces off the resistance zone of 1.31800.