Wells Fargo said some positive sentiment was emerging around the prospect of a compromise on tariffs, but that vigilance was needed. "I've come to the realization that anything that doesn't come directly from Trump shouldn't be immediately traded or believed, so I'm still going to be cautious and risk-averse so far," said Kenn Brendan McKenna, a strategist at Wells Fargo in New York. "But if tariffs are reduced and a deal is reached, there should be some pressure-relieving rallies in the Canadian dollar and Mexican peso and the currency market as a whole." Previously, the US commerce secretary said that he believes Trump will compromise with Canada and Mexico on tariffs, or announce reductions tomorrow.