• USD/CAD slammed through range lows (1.4260), nears 1.42

• Potential tariff delay, Russia-Ukraine peace hopes spark drop

• CNBC note reciprocal tariffs may be delayed until Apr 1

• Though confirmation from Trump will be needed

• Meanwhile, Ukraine will take part in talks with Russia & U.S.

• Given sizeable CAD shorts, squeeze risk is elevated

• USD/CAD support sits at 1.4178 (Nov 25 high), 1.4104 (100DMA)

• That said, a false break of 1.4260 would be a concern for shorts
USDCAD hourly chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)