EURCAD: THE SCENARIOS DO NOT LOOK GOOD

Two members of U.S. President Donald Trump’s Cabinet suggested Wednesday that Canada and Mexico might escape new tariffs on steel and aluminum, a potential bargaining chip in North American trade talks that heeds the “surgical approach” advocated by House Speaker Paul Ryan.

As Crude oil is one of Canada's largest exports, after oil drops most in three weeks EURCAD should go along with this direction.