USD/CAD pulled back to 1.4450 after a kneejerk uptick near 1.4600 yesterday. 

Risk of all-out trade war can trigger a USD/CAD overshoot

"Canada’s November GDP is the domestic focus (1:30pm London). Statistics Canada advance information indicates that real GDP decreased -0.1% m/m after rising 0.3% in October. The December real GDP estimate will be published at the same time."

"The Bank of Canada (BOC) warned that a long-lasting and broad-based trade conflict would badly hurt economic activity in Canada and put direct upward pressure on inflation. This complicates the BOC’s job as monetary policy cannot lean against weaker output and higher inflation at the same time." 

"The risk of all-out trade war between Canada and the US can trigger a more pronounced USD/CAD overshoot".