Canada's PM Carney says spoke to Trump in recent days

Head-of-government contact between the US and Canada on trade fits a familiar pattern in tariff cycles: leader-level calls tend to serve as de-escalation signals ahead of, or just after, formal negotiating rounds, and markets have historically read them as evidence that a working channel exists rather than as resolution in themselves. The distinction that matters is whether the call is presented as routine contact or framed around a specific deliverable, since only the latter has tended to move the CAD, the trade-sensitive segments of the TSX, and cross-border supply-chain names in a durable way. Carney enters this file with a track record in financial and central banking circles rather than retail politics, and his government's prior posture on US trade friction has combined public firmness with active back-channel engagement. The tells to follow are readouts from either side, any scheduling of ministerial or USTR-level meetings, and whether tariff deadlines or exemptions are referenced. Absent concrete content, leader-call headlines of this kind have tended to fade quickly after an initial, modest risk-positive lean.