Scotiabank FX Daily – Threat Of Trade War Undercuts USD; CAD Risk In Q4 GDP

· USD under renewed pressure on trade concerns; should weigh on performance.

· CAD showing signs of stabilization; focus on Q4 GDP w/ risk to BoC tone.

· EUR extending Thursday’s bullish reversal as trade worries provide support.

· GBP steady into PM May’s speech; consolidation rather than bullish reversal.

· JPY outperforms as Kuroda compounds sentiment-driven rally; BoJ next week.

· AUD steady following Thursday’s hammer; RBA risk next week (exp. hold).

· MXN hits fresh low on Trump tweet with most violent reaction vs. G10.