Canadian Prime Minister Mark Carney responded to US President Trump and addressed his accusations. Carney stated that his country does not intend to conclude a free trade agreement with China and that the agreements reached with Beijing are aimed at resolving specific, problematic issues. The Prime Minister emphasized that Canada adheres to the CUSMA agreements with the US and Mexico, which require consultations with partners before entering into trade agreements with non-market economies. Carney also said his country does not wish to sour relations with the US and has no intention of becoming a "transit hub" for Chinese goods entering the US.

It is also worth noting that Carney accused the US of autocracy at the Davos forum and called on countries around the world to counter it. According to him, American hegemony no longer provides smaller states with a sense of security. Trump immediately referred to Carney as a "governor," hinting at Canada's incorporation into the United States, and stated that Canada exists only because of America.

In Carney's opinion, the world's countries must unite to stand up to America under Trump. "If you're not at the table, you're on the menu," believes the Prime Minister of Canada. Meanwhile, Trump continues to insist that China will completely take over Canada, which he cannot allow. It seems that another liberation operation is on the horizon.

I would also like to note that Trump, through his actions and statements, has done everything possible to distance Canada from the US. The trade tariffs of 2025 compelled Ottawa to seek new trading partners, and the doors of trade with China are always open to everyone.

As for the US dollar, it declined again on Monday and is losing interest and demand in the currency market. Despite tariffs against Canada not yet being implemented and the events of last week having played out, the market continues to sell the dollar. In my opinion, this is entirely justified. It should be understood that the problem with the dollar is not just about separate tariffs from Trump, attacks on the Fed and Jerome Powell, or conflicts with China and many other countries. The weakness of the dollar is due to the overall US policy under the new president. Traders no longer view the dollar as a "safe haven," and the entire world is gradually moving towards de-dollarization. There is nothing strange about the fact that demand for the US currency has been falling for several years, and under Trump, this decline is only accelerating.

Wave picture for EUR/USD:

Based on my analysis of EUR/USD, I conclude that the instrument is continuing to build an upward trend segment. Trump's policy and the Fed's monetary policy remain significant factors in the long-term decline of the American currency. The targets for the current trend segment may reach the 25-figure mark. At the moment, I believe corrective wave 4 has completed its formation, so I expect further price increases, with the first target around 1.1918.

Wave picture for GBP/USD:

The wave picture for the GBP/USD instrument has become clearer. Currently, the presumed wave 5 is building in 5, but the internal wave structure of global wave 5 may take a much more extended form. I believe that the price increase will continue in the near future with targets around the 1.3721 and 1.3913 marks, corresponding to 100.0% and 127.2% according to Fibonacci. After completing the current five-wave set, the instrument may build three corrective waves. But at present, the upward segment is still not finished, and after the correction, I expect a new impulsive trend segment towards the 42-figure.

Key principles of my analysis:

1. Wave structures should be simple and clear. Complex structures are hard to play back and often involve changes.
2. If you're not certain about what's happening in the market, it's better not to enter it.
3. There can never be 100% confidence in the direction of movement. Don't forget about protective Stop Loss orders.
4. Wave analysis can be combined with other types of analysis and trading strategies.