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A White House official, speaking on background, said there hasn’t been any change in the president’s position on NAFTA.

Trade relations between the two countries have taken a dramatic turn this week, with Canada escalating its trade spat with the U.S. by filing a World Trade Organization complaint over American duties against Canada and other countries. U.S. Trade Representative Robert Lighthizer responded earlier Wednesday, calling that move a “broad and ill-advised attack.”

Odds Bank of Canada Governor Stephen Poloz will raise interest rates at the meeting next week also declined to 82 per cent on the news, from 87 per cent Tuesday.

Trump has repeatedly threatened to walk away from NAFTA unless Canada and Mexico agree to major changes Washington says are needed to make the 1994 treaty more fair.

Trump withdrawing from NAFTA “was always a risk, but that risk is clearly more elevated now,” said Brian DePratto, senior economist at Toronto-Dominion Bank. “It’s hard to gauge how much credibility Poloz will assign to the types of reports we’re seeing today, but it does make it easier for him to maintain a holding pattern.”

Canadian officials say if Trump does announce a U.S. withdrawal, it could be a negotiating tactic designed to win concessions. They also express doubt whether the U.S. Congress would approve such a move.

“The market’s been too complacent regarding NAFTA termination risk for too long,” said Bipan Rai, a Toronto-based foreign-exchange and macro strategist at Canadian Imperial Bank of Commerce. “Outside of the Bank of Canada meeting next week, there should be upward pressure on USD/CAD as that premium increases into the next round of negotiations in Montreal beginning Jan. 23.”