• USD/CAD begins to embed tariff risks with the pair above 1.43

• FX options also reflect severity of impending USD/CAD threat

• As previously flagged, risks favoured a renewed bid leading into deadline

• That said, USD/CAD sensitivity to tariff-related headlines will be elevated

• Little suggests tariffs will be avoided - Trump says tariffs on schedule

• Support = 1.4260-80, 1.4150-78. Resistance = 1.4341 (55DMA), 1.44, 1.45

• Short-term flows may also underpin USD
USDCAD daily chart

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