2025-11-05 20:42:00
By all accounts, the Supreme Court appears poised to rein in the powers of the Executive Branch—though, of course, that remains to be seen after today’s arguments. How that ultimately plays out is uncertain, especially since Trump and his team may have additional strategies in reserve.
What likely didn’t help his case was the example of using tariffs—or the threat of canceling trade talks—as a response to campaign commercials that, arguably, were at least partially factual (such as the Reagan-themed ad run by Ontario). My guess is that you can’t just wake up in a bad mood, slap on a tariff, and call it “national security.”
Will that benefit Canada? All tariffs may not go away but at the very least, the countries can get back to more normalcy.
Turning to markets, the USDCAD has eased modestly after reaching its highest level since April 9 at 1.4140, now trading near 1.4108. The pullback is limited so far but has slowed the bullish momentum.
From a technical perspective, the October 14 high at 1.4079 is a key line to watch. A move below that, followed by a break under the swing area between 1.4060 and 1.4067, would give sellers more confidence and force buyers to pause. Adding to that zone’s importance, the rising 100-hour moving average at 1.4053 is climbing into alignment (see blue line on the chart below), reinforcing it as a critical near-term support area for traders on both sides of the market.
