The USD/CAD pair recovers some lost ground to near 1.3520 during the Asian trading hours on Friday. The US Dollar (USD) strengthens against the Canadian Dollar (CAD) ahead of US President Donald Trump’s Federal Reserve (Fed) chair announcement. Renewed trade tensions and uncertainty could weigh on the Loonie and act as a tailwind for the pair in the near term. Trump said late Thursday that he will announce his choice to replace Jerome Powell as the chair of the Federal Reserve (Fed) on Friday morning, per Bloomberg. Former Fed Governor Kevin Warsh is increasingly seen as the frontrunner following a reported meeting with Trump at the White House.