CAD slips after US imposes tariffs on Canadian softwood lumber
• CAD tumbled against USD during the Asian morning Tuesday.
• The Trump administration announced it will impose a 20% tariff on Canadian softwood lumber as a response to “unfair” wood subsidies by Canada.
• This comes ahead of talks to renegotiate NAFTA during the summer, and could set the tone on how those negotiations play out (MXN may also lose out).
• Also, there’s a possibility that Canada retaliates with its own tariffs on US products.

Australia’s CPI data for Q1 in focus
• During the Asian morning Wednesday, Australia’s CPI data for Q1 are due out (01:30 GMT).
• Both the headline and the trimmed mean CPI rates are expected to have risen.
• This could diminish the likelihood for any RBA easing, and may prove cause for a more upbeat message by the Bank next week.
• Thus, AUD could gain on the news.

Today:
• US: CB consumer confidence for April and new home sales for March (both 12:30 GMT). Both figures are expected to have declined.

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