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FxWirePro: USD/CAD surges as Trump threatens tariffs on Canadian and Mexican goods

• USD/CAD spiked on Thursday as President Trump floated the threat of imposing tariffs on Canadian and Mexican goods, fueling concerns over trade tensions.

• Trump indicated Thursday that he would likely decide  soon on imposing a 25% tariff on Mexican and Canadian oil imports, set to take effect February 1.

• Trump has repeatedly threatened Mexico and Canada, two key trading partners, with tariffs unless they halt fentanyl shipments and reduce migrant flows across U.S. borders.

• At GMT 21:31, the pair was last up 0.58% at 1.4503, after hitting daily high1.4601.

•  Immediate resistance is located at 1.4483(Jan 21st high), any close above will push the pair towards 1.4601(23.6%fib).

• Support is seen at 1.4421(38.2%fib) and break below could take the pair towards 1.4371(Jan 28th low).

Recommendation: Good to buy  around 1.4480, with stop loss of 1.4410 and target price of 1.4580

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