With the second day of talks in London between senior US and Chinese trade delegations starting at 10:43BST, US Commerce Secretary Howard Lutnick says on entering Lancaster House that talks are "going well" and that he expects them "to go all day today". Talks are not centred on US 'reciprocal' or other tariffs, but instead at working to mitigate Chinese export controls on rare earths and other critical minerals that are seen to threaten US supply chains.
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USDCAD has recovered from its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low on Tuesday reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4041, the 50-day EMA.