JPM G10 FX Spot Desk: USDCAD

Trump announced 25% tariffs on auto imports overnight and warned Europe of further tariffs should they work with Canada against the US which once again further highlights the tensions between US-CA at the moment. Whilist the market is largely ignoring the tariffs this morning I do think that is because of the more positive sentiment around Europe right now and don't believe the same will apply if Trump goes hard on Canada on April 2ndso stay long of USDCAD/EURCAD for now. Not much on the data calendar for Canada today with focus turning to the GDP print tomorrow. Flow wise we saw demand for USDCAD yesterday, mainly from HFs accounts.