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The Canadian dollar recovered some of its losses against the US dollar on Tuesday after Trump's pledge of hefty tariffs on Canadian products. The loonie traded 0.5% lower at 1.4060 per US dollar after hitting its weakest intraday level since April 2020 at 1.4177.
Investors were weighing how likely the tariffs were to be implemented.
Tariffs on Canadian goods threaten trade flows into the US, and a weaker loonie raises the cost of Canadian-origin inputs for buyers. Currency weakness can also shift the competitiveness of Canadian grain and oilseed exports.
reuters.comFergal SmithNov 26, 2024Not enough comparable past events yet for a historical read.
After 45 past bullish trade events, US Dollar (Broad) moved a median -0.0% over 5 sessions (42% higher; middle half -0.3% to +0.4%), and -0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
